Big boost to Pradhan Mantri Awas Yojana! IIFL Home Finance disburses Rs 7000 cr home loans to 42,500 families under PMAY

IIFL Home Finance Ltd, one of India’s leading housing finance companies in the affordable housing segment today said that it has approved loans worth about Rs. 7,000 crores to 42,500 beneficiaries under the Credit Linked Subsidy Scheme vertical of Pradhan Mantri Awas Yojana (PMAY – CLSS). The subsidy amounting to over Rs 1000 crore has been facilitated to these 42,500 beneficiaries, who belong to the Economically Weaker Section (EWS), Low Income Group (LIG) and Middle-Income Groups (MIG).Out of the total subsidy of Rs 1000 crore, more than Rs 870 crores have been provided to families/beneficiaries in EWS/LIG category. This is 87 per cent of the total subsidy provided by the company.

Speaking on the issue, Monu Ratra, CEO at IIFL Home Finance said, ”We are absolutely aligned to the vision of Ministry of Housing and Urban Affairs (MoHUA), Government of India towards Housing for All. We have seen a significant revival of demand for Affordable Housing in the last 3 months. Rather, this pandemic has made people realize the importance of having their own house with good living and hygienic conditions. Hence, we are highly optimistic of Affordable Housing in future as well.”

Under the scheme, home buyers with Annual Household Income of up to Rs 18 lakh can avail the benefit of subsidy under the PMAY (U) scheme on their home loans to the extent of Rs. 2.67 lakh subject to meeting of other eligibility criteria laid by MoHUA. The scheme is aimed at achieving the government’s objective of ‘Housing for All’.

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Despite the COVID-19 induced lockdown, IIFL Home Finance Ltd. has continued business at a brisk pace and is back to normal as earlier.