Indian billionaire saves Kerala woman’s home, pays off her entire loan

Mangalore Today News Network

Kerala, October 15, 2024: An Indian billionaire came to the rescue of a Kerala woman who was evicted from her home due to an unpaid loan. Sandhya and her two children had nowhere to go after officials from a non-banking financial company (NBFC) took possession of their home. Abu Dhabi-based MA Yusuff Ali, the chairman of Lulu Group, not only instructed his team in India to clear the outstanding loan but also offered ₹ 10 lakh to help the family get back on their feet.

The story of Sandhya, who lives in North Paravur, Kerala, came to light when local media reported her eviction. Sandhya and her husband took a loan of ₹ 4 lakh from Manappuram Finance in 2019 to complete the construction of their house under the state’s Life Housing Scheme, according to Malayalam media Mathrubhumi.

The home was built on a 4.8-cent plot in Madaplathuruth, with the loan being taken in Sandhya’s name when rising material costs prevented them from finishing the project.

However, in 2021, Sandhya’s husband left her and their two children, aged 12 and 7, halting the loan repayments. Over time, the outstanding amount, including interest, ballooned to nearly ₹ 8 lakh. After repeated warnings, Manappuram Finance began foreclosure proceedings, and on Monday, their officials entered the home, changed the locks and evicted Sandhya and her children. They weren’t even allowed to retrieve their belongings and essential items, including medicine.

The eviction and Sandhya’s story quickly gained traction in the local media.

Opposition leader VD Satheesan intervened, urging the financial institution to allow them back in, reported Mathrubhumi. The incident drew protests from locals, and Mr Ali, the UAE-based businessman and a Kerala native, stepped in to help. Mr Ali reportedly instructed his team to repay the loan in full and handed over ₹ 10 lakh to the family, the Malayali outlet reported.

On Monday evening, Lulu Group’s media coordinator delivered the house keys to Sandhya, returning her home to her. The remaining money will be a fixed deposit for the family’s future.

Mr Yusuff Ali’s intervention brought relief to Sandhya, who struggled to make ends meet by working in a local cloth shop in Paravur.