HDFC disburses Rs47bn subsidy to 2 lakh homebuyers under PMAY

MUMBAI:  HDFC Ltd, India’s leading housing finance company has disbursed subsidy 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.

This is the flagship housing scheme of the government. The Corporation has approved over Rs47,000 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 Rs 4700 crore has been passed on to these 200,000 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’.

Renu Sud Karnad (seen in the picture), Managing Director, HDFC Ltd said the scheme is in line with our overall philosophy that every Indian must have a home of his/her own. “We thank the Ministry of Housing and Urban Affairs and the National Housing Bank for (NHB) their commitment and for being receptive to inputs and suggestions from various stakeholders,” Sud Karnad said.

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,” the HDFC MD added.

Affordability has never been 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.

HDFC has been amongst the top performing institutions under CLSS. In July 2018, the Prime Minister Narendra Modi recognised HDFC for being the best performing primary lending institution in the EWS and LIG segment and the second best in the MIG segment of the CLSS.

HDFC has offices in London, Dubai and Singapore and service associates in Kuwait, Oman, Qatar, Sharjah, Abu Dhabi and Saudi Arabia – Al Khobar, Jeddah and Riyadh to assist non-resident Indians and PIO’s.

 

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