India Infoline Housing Finance Ltd (IIFL Home Loan), a leading player in affordable housing segment, today said as part of its growth plans the company aims to add 15,000 customers under the government’s Pradhan Mantri Awas Yojna (PMAY) Urban scheme by FY18-end.
IIFL Home Loan is one of the leading primary lending institutions among various housing finance companies and banks and has facilitated about 11 per cent of total subsidy under Pradhan Mantri Awas Yojna so far.
“We want to contribute Prime Minister’s Housing for All — objective by reaching maximum number of needy urban poor who aspire to own a house. We are also looking forward to building association with state housing boards as a key loan partner to affordable housing projects,” IIFL Home Loan CEO Monu Ratra said in a statement here.
IIFL Home Loan is a part of Rs. 20,000 crore IIFL group, a leading financial conglomerate has a customer base of more than 33000.
The Credit Linked Subsidy Scheme (CLSS) under PMAY for economically weaker section, low income group and middle income group offers interest subsidy from 3-6.5 per cent. The subsidy results in a monthly savings in EMI between 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 not earlier in their budget.” Ratra said.
IIFL Home Loan being a major partner in Pradhan Mantri Aawas Yojna has expanded its footprint across smaller towns and rural areas in India.
“We have facilitated subsidies loan under PMAY (Urban) in 17 states so far and are available across length and breadth of India,” Ratra said. IIFL Group serves over 40 lakh customers and has 1,100 branches across India.