Maharashtra Government signs MoU with IIFL Home Finance Ltd.

IIFL Home Finance Ltd. (IIFL HFL), India’s leading housing finance company on Wednesday signed a Memorandum of Understanding (MoU) with the State Government of Maharashtra. This MoUfocuses on extending the benefits of Credit Linked Subsidy Schemes (CLSS) under PMAY across state of Maharashtra to home buyers belonging to affordable housing segment.

Pic-IIFL Signs MoU with Maha Govt

The MoU was signed in the presence of Sanjay Kumar (Addn. Chief Secretary, Housing Deptt, Govt. of Maharashtra), Hemkumar Gopalakrishnan (Regional Manager, NHB), Monu Ratra(CEO,IIFL HFL), Ajay Jaiswal (IIFL HFL) and Sundeep Bhatia (IIFL HFL).Through this MoU, Housing Department of Government of Maharashtra will make provisions and facilitate permissions for IIFL HFL to educate customers and enlighten them about the benefits of PMAY. Under the agreed terms and conditions, IIFL HFL will be able to conduct on the spot counseling for home buyers visiting its branches, give presentations to defined audiences and proactively call potential customers tofacilitate home loans helping them avail CLSS subsidy benefits.

Monu Ratra, CEO, IIFL Home Finance Ltd. said “We are committed to support Hon’ble Prime Minister’s vision of ‘Housing for All by 2022’. We thank the Government of Maharashtra for giving us this opportunity to educate and enable customers in availing CLSS subsidy under PMAY. Witha network of over 10 HFC and over 150 NBFC branches located across the state, this MoU with the Government would allow us to facilitate benefits of Pradhan Mantri Awas Yojana among the affordable housing segment of home buyers”

IIFL HFL has been one of the leaders in CLSS scheme working towards financial inclusion with customized product such as ‘Swaraj Home Loan’. For its continued support in helping beneficiary families avail benefits of CLSS Subsidy under PMAY, IIFL HFL has twice received the award for ‘Best Performing PLI under Credit Linked Subsidy Scheme for EWS/LIG under Pradhan Mantri Awas Yojana’ from Ministry of Housing and Urban Affairs.

The company was recently in news for touching 23,500+ beneficiary family mark in CLSS subsidy distribution under PMAY. In the state of Maharashtra alone, IIFL HFL has approved home loans of Rs. 1000+ crore under PMAY (Urban) CLSS scheme. Till date the company has supported more than 6800 beneficiary families in the State to avail CLSS subsidy amounting more than Rs. 160 crores under PMAY.

Across India, till the month ended January 31, 2019, IIFL HFL has approved home loans of up to Rs. 3300+ crores under PMAY (Urban) CLSS scheme to beneficiary families belonging to EWS/LIG/MIG category. More than 23500+ beneficiaries have been benefited by the subsidy scheme providing Rs. 535+ 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 23,500+ till Jan ’31, 2019.