IIFL Home Finance Ltd. (IIFL HFL) facilitates over 50,000 households under Credit Linked Subsidy Scheme (CLSS) making it one of the leading Financial Institutions (FIs) contributing towards Pradhan Mantri Awas Yojana-Urban (PMAY-U)
New Delhi, 9th February 2022: IIFL Home
Finance Ltd. (IIFL HFL), a subsidiary of IIFL
Finance Limited, today announced their milestone of facilitating over 50,000
households under CLSS making it one of the leading
FIs contributing towards PMAY-U. The company has been able to disburse subsidy
of over Rs. 1200 crores to households since
the launch of the scheme in June 2015 . In Financial Year 2017-18, the company was recognized as the 2nd Best Primary Lending
Institution under CLSS for Economically Weaker Sections (EWS)/Lower Income
Groups (LIG) scheme by the Ministry of Housing and Urban Affairs (MoHUA).
In alignment
with Government of India’s commitment towards
‘Housing for All’, IIFL HFL provides affordable home loans to EWS/LIG.
Home loans have been disbursed to over 1,40,000
borrowers as on Sept 30th, 2021.
(Note-1,40,000 is inclusive of overall disbursed loan, added here as marketing
gimmik)
Under CLSS-PMAY
(U), borrowers are eligible for interest subsidy on home loans provided they
fulfill the eligibility criteria. The
scheme for EWS/LIG is valid up to March 31, 2022.
Speaking at the landmark achievement Mr. Monu Ratra –
MD & CEO at IIFL Home Finance said, “Pandemic
affected the real estate and housing finance industry, but we have seen a
steady demand for housing even during these difficult times and it is certainly
growing as the economy is emerging out of Covid situation. The current scenario
of people getting offered lowest-ever home loan interest rates, attractive
property prices, tax benefits on home loans and increase in the work from home
trend, are pushing demand for housing too. IIFL Home Finance’s faith and
support towards the Government’s mission of PMAY is intact and it is our
mission to provide affordable housing to all first time EWS/LIG home buyers.”
Monu Ratra further added,
“We are also very delighted with the current budget announcement on the
allotment of Rs. 48,000 crores for completion of 80 lakh houses this year under
PMAY. This will definitely further boost the affordable housing segment. We
believe that housing in India will see a huge demand in future as the
government is working towards supportive environment for affordable housing and
the country is seeing increasing urbanization with rising aspirations.”
Digital India's one of the fastest
growing & sustainable home finance company, IIFL HFL is looking to expand in
smaller towns with an aim to cross the Rs. 25,000
crore mark in terms of assets under management (AUM) by March 2022. It's
AUM was at Rs. 21,474 crore at the end of
September with home loans contributing almost three-fourth of it. The aim is to
enable the customers by intervention of technology such as hundred percent
digital on boarding of customers to increase the access.
The HFC already has 125+ branches, as on Sept 30, 2021, and plans to double its branches with
focus on tier 3 and tier 4 locations by the end of this financial year.
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