IIFL Home Finance Ltd. felicitates PMAY CLSS beneficiary families in Chennai

IIFL Home Finance Ltd. (IIFL HFL), India’s leading housing finance company was recently in the news for closing in on touching the 20,000 beneficiaries mark in terms of CLSS subsidy disbursed under Pradhan Mantri Awas Yojana. To celebrate this achievement, the company decided to felicitate the beneficiary families at an event held at GLM Meridian, T. Nagar, Chennai.

In line with Hon’ble Prime Minister Narendra Modi’s vision of ‘Housing for All by 2022’, IIFL HFL is supporting the scheme in various parts of the country. IIFL HFL has earned the notable distinction in raising awareness and taking the benefits of this scheme to the first-time home buyers belonging to EWS (Economically Weaker Section), LIG (Low Income Group) and Middle Income Group (MIG) categories. In its efforts towards educating and supporting customers to avail the benefits of CLSS subsidy under Pradhan Mantri Awas Yojana, IIFL HFL has received immense support from the Ministry of Housing & Urban Affairs and National Housing Bank (NHB).

Present at the occasion were about 20 beneficiary families who have availed Credit Linked Subsidy (CLSS) under Pradhan Mantri Awas Yojana with the support from IIFL HFL. The event was an emotional moment for many as the beneficiary families shared their stories of realizing their dream of owning a home. The chief guest at the occasion was Mr. R. N. Karthikeyan, Regional Manager, National Housing Bank (NHB) along with senior officials from IIFL HFL. Also present at the occasion were prominent developers who have supported PMAY Urban with affordable housing units in the region. These included, Mr. Hemnath M from Arun Excello Homes Private Limited, Mr. Manieprasaath from Mahindra Life Space Developers Ltd., Ms. Priyanka Prabakar P from Vjay Raja Homes Pvt Ltd and Mr. Sivakumar from Urban Tree Infrastructures Pvt Ltd.

Mr. Kranth Namala, Zonal Sales Head-South, IIFL Home Finance Ltd. said, "We feel honored and proud to support the government’s vision of ‘Housing for All’ by 2022. We have been supporting CLSS scheme in the region of AP, Telangana, Tamil Nadu, and Karnataka, enabling and educating customers avail benefits of this scheme. We are about to touch 20,000 beneficiary mark and our presence in expansion locations of Southern India has played a significant role in achieving this number. It was an emotional and proud moment for us to watch beneficiary families share their stories with us and how we have helped them realize their dream of owning a home. Requested all the beneficiaries to spread the "Good News of PMAY - Housing for All."

IIFL HFL has been recognized as one of the ‘Best Performing PLI under PMAY CLSS for EWS/LIG’ by the Ministry of Housing and Urban Affairs for the second year in a row -- for its outstanding contribution towards the Pradhan Mantri Awas Yojana’s Credit Linked Subsidy Scheme. In order to educate the customers and enlighten them about the benefits of PMAY, IIFL HFL regularly conducts on the spot counseling for customers visiting its branches, felicitates CLSS beneficiaries at events, gives presentations to defined audiences and proactively calls potential customers to educate them about the benefits of CLSS.

Till the month ended December 31, 2018, IIFL HFL has approved home loans of up to Rs. 2800+ crores under PMAY (Urban) CLSS scheme to beneficiary families belonging to EWS/LIG/MIG category. A total of 19800+ beneficiaries have been benefited by the subsidy scheme providing Rs. 450+ crores as subsidy under PMAY. 

The average ticket size for loan amount disbursed to customers under this scheme is Rs. 14 lacs in case of EWS/LIG. IIFL HFL has made exceptional growth in terms of beneficiary numbers and CLSS subsidy disbursement under PMAY-Urban. Since the launch of the scheme in 2015, CLSS beneficiary numbers of IIFL HFL have grown from 65 in FY 2015-16 to 19,800+ till Dec'31, 2018.