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Housing for all: IIFL lends a hand with Rs440 crore loans

Mumbai | December 10 2018 16 : 52 IST | The Economic Times

The leading housing finance company has approved home loans of up to Rs2,700 crore under PMAY (Urban) CLSS scheme till November 30 to beneficiaries belonging to EWS (Economically Weaker Section), LIG (Low Income Group) and Middle Income Group (MIG)

India's dream of providing housing for all by 2022 got a leg-up, with IIFL Home Finance disbursing over Rs 440 crore to close to 20,000 beneficiaries under the Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojna. 

The leading housing finance company has approved home loans of up to Rs2,700 crore under PMAY (Urban) CLSS scheme till November 30 to beneficiaries belonging to EWS (Economically Weaker Section), LIG (Low Income Group) and Middle Income Group (MIG). 

"We fully appreciate and support the government’s vision of ‘Housing for All’ by 2022. CLSS subsidy scheme under PMAY has been well received by customers all over the country, especially first-time home buyers belonging to EWS and LIG category. It is important to note that the benefits under the Credit-Linked Subsidy Scheme (CLSS) have enabled potential home buyers to realise their dream of owning a home,” said Monu Ratra, CEO, IIFL Home Finance, in a release. 

The average ticket size of the disbursed loan under this scheme is Rs 13 lakh in the case of EWS/LIG. 

Since the launch of the scheme in 2015, CLSS beneficiaries of IIFL HFL have grown to about 20,000 in December 2018, from 65 in 2015-16. 

IIFL Home Finance is a wholly owned subsidiary of India Infoline Finance Limited (IIFL), which is an NBFC registered with the Reserve Bank of India. 

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