Affordable Housing: Indias Next Powerhouse for Real Estate

Central government has launched, “Pradhan Mantri Awas yojana-Housing for All (Urban)” . Under PMAY Urban, 20 lakh houses have been approved for construction in 4720 cities.

7 Jul,2017 03:45 IST 628
Affordable Housing: Indias Next Powerhouse for Real Estate

Written by Sundeep Bhatia

Sundeep Bhatia has 16 years of in-depth experience in business development, sales & marketing, retail assets (mortgages-home loans and loan against property). He maintains key relationships with Government Authorities for affordable housing projects.

India is witnessing urbanization in an unprecedented scale and has been projected to grow at 2-2.5% CAGR between 2015 and 2021. If the urbanization will grow at the same trend, urban areas are going to comprise 40% of the Indian population (Source: Elite Wealth).

The growing population is a challenging task and to counter the situation, Central government has launched, “Pradhan Mantri Awas yojana-Housing for All (Urban)” where our honorable Prime Minister envisioned a pucca house for all Indian residents.Under PMAY Urban, 20 lakh houses have been approved for construction in 4720 cities (Source: Elite Wealth)

Being a leading housing finance company of India, we, ‘IIFL Home Loans’ believe in government’s constructive initiative towards affordable housing. We want to be the preferred partner of all government initiated affordable housing schemes.To bring a meaningful change in the lives of people, we maintain bonhomie with Urban Local Bodies, Housing Bodies, Municipal Councils and Awas Vikas Authorities. We have signed Memorandum of Understanding (MoU) with many prominent housing bodies like Andhra Pradesh, NTR Housing Scheme to name a few. Under Pradhan Mantri Awas Yojana-Credit Linked Subsidy Scheme, we are helping home loan applicants avail subsidy from the central government.

Eligibility Criteria & Subsidy benefit Under CLSS Scheme of PMAY

Category

Annual Household
income

Interest Subsidy
on home loans

Maximum Subsidy
Amount

EWS Upto Rs 3 lac 6.5% 2.67 lacs*
LIG Rs 3 lac-Rs 6 lac 6.5% 2.67 lacs*
MIG I Rs 6 lac- Rs 12 lac 4% 2.35 lacs*
MIG II Rs 12 lac-Rs 18 lac 3% 2.30 lacs*

In a leg up towards affordable housing scheme, we have launched, ‘Swaraj Home Loans’ that caters to the requirements of first time home buyers who may or may not be supported by formal income documentation. Indian nationals, with basic identity documents like Aadhaar Card & PAN Card are eligible to apply for this home loan product. We are persistently empowering people make their housing dream come true.

Disclaimer: The information contained in this post is for general information purposes only. IIFL 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 (Gold/ Personal/ Business) loan product specifications and information that maybe 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 (Gold/ Personal/ Business) loan.

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