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IIFL Home Loans to add 15000 customers under Pradhan Mantri Awas Yojna by FY18

Posted On: 2017-10-18 00:12:29

India Infoline Housing Finance Ltd (IIFL Home Loan), a leading player in affordable housing segment aims to add 15,000 customers under the Government's Pradhan Mantri Awas Yojna (PMAY) Urban scheme by the fiscal year ending March 2018.

IIFL Home Loan is one of the leading primary lending institutions among various Housing Finance Companies and Banks and has facilitated about 11% of total subsidy under Pradhan Mantri Awas Yojna (Urban) so far.

"Prime Minister's ambitious Housing for All - 2022 aims to build 2 crore houses for urban poor Indians. We want to contribute for this 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." said Monu Ratra, CEO, IIFL Home Loan.

IIFL Home Loan is a part of Rs 20,000 crore IIFL Group, a leading financial conglomerate. IIFL Home Loans is one of the fastest growing housing loan companies in India and 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%. The subsidy results in a monthly savings in EMI between Rs 2200-2550, 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 (U) in 17 states so far and are available across length and breadth of India," Ratra said. IIFL Group serves over 40 lac customers and has 1,100 branches across India.

Shares of IIFL Holdings Limited was last trading in BSE at Rs.612 as compared to the previous close of Rs. 613.9. The total number of shares traded during the day was 11318 in over 241 trades.

The stock hit an intraday high of Rs. 614 and intraday low of 584. The net turnover during the day was Rs. 6845092.


Source: Equity Bulls

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