Kerala: M A Yusuff Ali helps Paravur woman reclaim home after loan default
Billionaire MA Yusuff Ali stepped in to assist Sandhya, a Kerala woman evicted from her home after failing to repay a loan taken from Manappuram Finance. Following news reports, Yusuff Ali's team cleared the loan and handed over Rs 10 lakh to help the family.
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FollowKochi: Indian billionaire and businessman M A Yusuff Ali stepped in to help Paravur native Sandhya, who, along with her two children, was left homeless after her house was seized by a non-banking financial company (NBFC) due to an unpaid loan. Yusuff Ali, chairman of Lulu Group, directed his team in India to settle the outstanding loan and provided Rs 10 lakh to support the family in rebuilding their lives.
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Sandhya's situation in North Paravur gained attention after Asianet News reported her eviction. In 2019, Sandhya and her husband had taken a loan of Rs 4 lakh from Manappuram Finance to finish building their home under Kerala's Life Housing Scheme. The house was constructed on a 4.8-cent plot in Madaplathuruth, and the loan was taken in Sandhya's name due to escalating material costs that stalled the completion of the project.
In 2021, Sandhya's husband left her and their two children, aged 12 and 7, causing the loan repayments to stop. As a result, the outstanding amount, including interest, grew to nearly Rs 8 lakh. After several warnings, Manappuram Finance initiated foreclosure proceedings, and on Monday, their officials entered the house, changed the locks, and evicted Sandhya and her children.
After the news was aired on Asianet News, opposition leader and Paravur MLA, V.D. Satheesan, along with others, intervened in the matter.
Yusuff Ali promptly instructed his team to clear the entire loan and provided the family with Rs 10 lakh in financial support. On Monday evening, Lulu Group’s media coordinator, Swaraj, returned the house keys to Sandhya, restoring her home. The additional funds will be placed in a fixed deposit for the family’s future. Yusuff Ali’s timely intervention brought much-needed relief to Sandhya, who had been supporting her family by working at a small clothing shop in Paravur.
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