New Delhi, February 8th 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.
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 – ED & CEO at IIFL HFL 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. Its 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.
About IIFL Home Finance Limited:
Incorporated in 2006 and registered in 2009 with the National Housing Bank (NHB), IIFL Home Finance Limited is a wholly-owned subsidiary of IIFL Finance Limited. The Company is one of India’s leading housing finance companies and is a preferred choice for affordable home loan requirements. Through our affordable home loans, IIFL Home Finance makes people's aspirations of owning a home a reality. As a technology-driven housing finance player, we endeavour to make our customer experience as seamless as possible. We have made the entire life cycle of our housing loans i.e., from origination to closure, completely digitized. We have managed this through our state-of-the-art IT infrastructure which has helped in reducing costs, enabled real-time analysis of customer data, and improved our control and underwriting functions, while increasing customer reach and distribution capability.
We operate a financially inclusive customer-centric lending business and strive to ensure that our business model contributes significantly to the upliftment of the EWS/LIG segments. As of March 31, 2021, 74.90% of our live accounts were from customers who belonged to the EWS/LIG segment. Through the provision of loans for the purchase of homes to a customer segment that is not serviced by the mainstream financial services sector and our employment of personnel in rural and semi-urban locations across India, we are fulfilling an important social objective of economic upliftment for these segments of the Indian economy.
We offer our customers a range of mortgage-related loan products, these include (i) housing loans, for purchase of ready built residential units, under-construction property by approved builders, self- construction, home improvement on pre-owned property, and purchase of land for construction of residential property; (ii) secured business loans, for primarily meeting working capital requirement, business use and purchase of commercial property; and (iii) affordable housing project loans, to meet construction expenses of affordable housing projects of reputed developers. For more details, please visit www.iiflhomeloans.com
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