IIFL Home Finance Ltd, one of India's leading housing finance companies in the affordable housing segment on September 9 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% of the total subsidy provided by the company.
Mr 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 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, homebuyers with Annual Household Income of upto Rs. 18 Lakhs can avail the benefit of subsidy under the PMAY (U) scheme on their home loans to the extent of Rs. 2.67 lakhs 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.
As a fintech Housing Finance Company, IIFL Home Finance Ltd. is dedicated to make the journey of owning a home as seamless as possible. Due to its future-ready technology system, the Company was able to revive its business in pandemic. The technology driven initiatives have helped in the smooth functioning of business activities even during Covid-19. With the advanced analytical tools and automation, IIFL Home Finance Ltd. has made credit underwriting, appraisal and collection processes faster and accurate.
The Company is a leader in the affordable home finance segment and has always been instrumental in helping individuals in the lower income group with informal income. Its small-ticket size Home Loan product, Swaraj Loan, fosters financial inclusion for such underserved segment of the society. It caters to a vast community of first-time home buyers who may or may not be supported by formal income documentation.