IIFL Home Finance disburses Rs 7k cr of loan to 42,500 under PMAY-CLSS

IIFL Home Finance Ltd, a leading housing finance company in the affordable housing segment, said that it has approved loans worth about Rs. 7,000 crore to 42,500 beneficiaries under the Credit Linked Subsidy Scheme vertical of PradhanMantriAwasYojana (PMAY – CLSS).

The subsidy amounting to over Rs. 1,000 crores 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. 1,000 crore, more than Rs. 870 crore has been provided to families/beneficiaries in EWS/LIG category.

Monu Ratra, CEO of 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 three 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 the future as well”

Under the scheme, homebuyers with an 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’.

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