IIFL Home Finance disburses loans worth Rs 7,000 crore to 42,500 families under Pradhan Mantri Awas Yojana

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IIFL Home Finance Ltd, a company active in the affordable housing segment, said on September 9 that it has approved loans worth Rs 7,000 crore to 42,500 beneficiaries under the Credit Linked Subsidy Scheme vertical of Pradhan Mantri Awas Yojana (PMAY).

The subsidy amounting to over Rs 1,000 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), the company said in a statement.

Out of the total subsidy of Rs 1,000 crore, more than Rs 870 crore have been provided to families and beneficiaries in EWS/LIG category. This is 87 percent of the total subsidy provided by the company.

”We are absolutely aligned to the vision of the 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 realise 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,” said Monu Ratra, CEO of IIFL Home Finance.

Under the scheme, homebuyers with an annual household income 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.