Business News
HDFC disburses ₹2,800-cr low-cost loans under Central scheme
The Modi government had launched the housing for all by 2022 in June 2015 and the disbursement is from that period.
Mortgage major HDFC has disbursed ₹2,800 crore loans to 14,290 home-buyers under the Pradhan Mantri Awas Yojna (Urban) so far, which entails a Central subsidy of ₹302 crore.
The Modi government had launched the housing for all by 2022 in June 2015 and the disbursement is from that period.
While the lender has provided home loans worth ₹ 1,728 crore under PMAW’s credit-linked subsidy scheme (CLSS) to the economically weaker section (EWS) customers and low- income group (LIG), it has disbursed loans worth ₹1,067 crore to 3,526 customers from the middle income group (MIG), a report said. .
The EWS comprises people with an annual household income up to ₹3 lakh, while LIG include those with income greater that ₹ 3 lakh and up to ₹ 6 lakh.
Government launched its flagship PMAY(U) scheme on June 25, 2015 to provide housing for all by 2022.
It had also announced in the Budget 2018 that about 31 lakh homes are to be built in urban areas in FY19, and 51 lakh in rural areas.
“This has renewed the interest of homebuyers in the real estate sector and allowed first-time home-buyers to avail more benefits to own a house,” said Renu Sud Karnad, managing director at HDFC.
HDFC had disbursed 39 % of home loans in volume terms and 20 % in value terms to customers from the EWS and LIG segment during the nine months to December 2017, said the report.
In value terms, home loans to the EWS and LIG segments grew 32 % and 39 %, respectively, during the April-December 2017 period.
The average home loan to the EWS and LIG segment stood at ₹ 10.24 lakh and ₹ 17.38 lakh, respectively.
Till date 4,452 towns have been notified as statutory towns under the housing for all mission and properties located in these towns are eligible for subsidy, according to the report.
