HDFC Ltd has disbursed subsidy amounting to Rs 4,700 crore to over 2,00,000 homebuyers under the Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) becoming the first lender to do so. It has also approved home loans of over Rs 47000 crore.
India’s premier housing finance company, Housing Development Finance Corporation Limited (HDFC) based in Mumbai; has a presence in banking, life and general insurance, asset management, venture capital, realty, education, deposits and education loans.
The Corporation has approved over Rs 47, 000 crore of home loans under CLSS to homebuyers belonging to the Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Groups (MIG). Subsidy under PMAY amounting to over ₹ 4700 crore has been passed on to these 200000 homebuyers, becoming the only financial institution in the country to achieve this feat The Corporation has been partnering and supporting the Ministry of Housing & Urban Affairs and the National Housing Bank to work towards the government’s goal of “Affordable Housing for All’. The company said in its Sunday BSE regulatory filing.
Ms Renu Sud Karnad, Managing Director, HDFC Ltd said, “The government’s PMAY scheme has been successfully assisting homebuyers belonging to different income groups since 2015. The scheme is in line with our overall philosophy that every Indian must have a home of their own. We thank the Ministry of Housing and Urban Affairs and the National Housing Bank for their commitment and for being receptive to inputs and suggestions from various stakeholders. This proactive approach has enabled effective and seamless implementation of the scheme.”
“Due to the COVID-19 crisis, a number of sectors including the real estate sector have been affected. Having said that we feel that the demand for housing will pick up gradually as the Economy emerges out of this difficult period and confidence in the economy is restored. One must not forget that structural demand for housing for India will always be strong due to factors such as improved affordability, government’s thrust on affordable housing, favourable demographics, increasing urbanisation and rising aspirations. Affordability was never better given the huge concessions under PMAY, tax benefits on Home loans, lowest ever interest rates and property prices having seen both price and time correction. Also with the increase in the trend for working from home, the demand for homes will only rise going forward.” The MD further added.
The Credit Linked Subsidy Scheme (CLSS) was introduced in June 2015 under the Pradhan Mantri Awas Yojana (PMAY) for home loans to customers from the Economically Weaker Section (EWS), Low Income Group (LIG) and was extended to the Middle Income Groups (MIG) from January 2017.
On September 4, the HDFC Ltd. stock closed at Rs 1,771 on the NSE.
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— HDFC Ltd. (@HomeLoansByHDFC) August 28, 2020