IIFL Home Finance Ltd
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.
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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