IIFL Home Finance approves loans worth Rs 7,000 cr for PMAY-CLSS beneficiaries

IIFL Home Finance on Wednesday said it has approved loans worth about Rs 7,000 crore for 42,500 beneficiaries under the Credit Linked Subsidy Scheme vertical of Pradhan Mantri Awas Yojana (PMAY - CLSS). "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," the company said in a release.

Out of the total subsidy of Rs 1,000 crore, more than Rs 870 crore have been provided to families/beneficiaries in EWS/LIG category. This is 87 per cent of the total subsidy provided by the company. The company has disbursed loans worth Rs 7,000 crore to 42,500 families under PMAY-CLSS, it said. CEO Monu Ratra said the company is absolutely aligned to the vision of the Ministry of Housing and Urban Affairs (MoHUA), 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 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 Ratra.

Under the scheme, homebuyers with annual household income of up to Rs 18 lakh can avail the benefit of subsidy under the PMAY (Urban) scheme on their home loans to the extent of Rs 2.67 lakh subject to meeting other eligibility criteria specified 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 has continued business at a brisk pace and is back to normal as earlier, the release added.

It further said that due to its future-ready technology system, the company was able to revive its business in the pandemic. "The technology driven initiatives have helped in the smooth functioning of business activities even during COVID-19," it added.