India Infoline Housing Finance Ltd (IIFL Home Loan), on October 18, 2017, has said that the company aims to add 15,000 customers under the government’s Pradhan Mantri Awas Yojana (PMAY) Urban scheme by FY18-end, as part of its growth plans. Lending institution IIFL Home Loan has facilitated about 11 per cent of the total subsidy under the Pradhan Mantri Awas Yojana, so far.
“We want to contribute to the prime minister’s Housing for All objective, by reaching maximum number of needy urban poor, who aspire to own homes. We are also looking forward to building associations with state housing boards, as a key loan partner to affordable housing projects,” IIFL Home Loan CEO, Monu Ratra said.
IIFL Home Loan is a part of the Rs 20,000-crore IIFL Group, a leading financial conglomerate and has a customer base of more than 33,000.
The Credit-Linked Subsidy Scheme (CLSS) under the PMAY, for the economically weaker section, low-income group and middle-income group, offers interest subsidy from 3-6.5 per cent. The subsidy results in monthly savings in EMI of Rs 2,200-2,550, depending on which segment the customer belongs to.
“The subsidy helps many lower income group customers, to fulfil their aspirations of owning a house. It also helps to afford a house that was not earlier in their budget. We have facilitated subsidised loans under the PMAY (Urban) in 17 states so far,” Ratra said. IIFL Group serves over 40 lakh customers and has 1,100 branches across India.