banner banner

Stay Up-to-Date with Our Blogs & Articles

The texts on this website have been translated using an automated translation tool and its accuracy cannot be guaranteed. We recommend referring to the English version of the content for the most precise information. In the event of any disputes or inconsistencies, the contents in the English language shall be considered final and binding. IIFL HFL disclaims any liability or responsibility in this matter.
Go Back to Main blog page

Independence Day Anniversary: Housing Sector on a Path to Development

By IIFL Home Loans | Published On Aug 24 2017 12:30 PM 2 min read 26 views 4909 Likes
Share on
Independence Day Anniversary: Housing Sector on a Path to Development

On the occasion of country Independence Day anniversary, we decorate our houses, hoist flags on buildings and celebrate our freedom. Over last decade, our country has shown significant progress in all sectors, housing sector is no exception. Government is highly focused on development of the housing sector and has launched transformational plans such as PMAY, touching lives of all segments & strata. This has brought a transformational change in the other industries, aside housing.

Do you know housing sector is interlinked with 269 other industries

Yes, it is so ement, steel, paint, finance and the list continues ranging from small to large, businesses are interlinked with directly or indirectly with the housing sector. To empower people take a home buying decision, government is providing subsidies on home loans and construction of houses. Now, the Credit Linked Subsidy Scheme CLSS under Pradhan Mantri Awas Yojana PMAY has been made available for people earning up to Rs. 18 lakh per annum.

Additionally, several positive steps such as Abolition of Foreign Investment.
Promotion Board FIPB, ease of investment norms, subsidy to high ticket size home loans is encouraging aspiring home buyers.

Ajay Sinh Rajput from Ahmedabad dreaming from 7 years and now owns a house, thanks to home loan subsidy under CLSS

A developed housing market relies on well-developed home loan market. Housing finance in India accounts not more than 8% of GDP compared to 29% of Malaysia, 46% of Spain, 80% percent in Spain & 12 % in China.

India is a developing economy and housing sector can play a pivotal role in making it a developed economy. The sector needs robust investment to make a significant impact on the country GDP, employment and consumption pattern. The requirement is funding & infrastructural developments, which is possible largely with foreign investments. The housing finance industry is growing largely with the growth of Non-banking Financial Corporation NBFC. A myriad of factors such as borrower credit history, ability of financing institution to secure collateral, macroeconomic stability impacts the housing finance.

Share on

Tags

apply loan

Quick and Hassle Free Loan Processing

green ad
Prelude to Building Green - IIFL Home Loan's Guide to Sustainable Affordable Housing
Download report

Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.