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HDFC disburses over Rs 1,100 crs subsidy to 51,000 first time home buyers under PMAY Scheme

Posted On: 2018-11-18 15:46:09

HDFC Ltd, India's premier housing finance company, has become the firstfinancial institution in the country to disburse subsidy to over 51,000 customers amounting to over Rs. 1,100 crore under Credit Linked Subsidy Scheme (CLSS) -the flagship scheme of Government of India's Pradhan Mantri Awas Yojana (PMAY).

HDFC has provided loans of over Rs 9,800 crore under PMAY-CLSS, to these customers belonging to EWS (Economically Weaker Section), LIG (Low Income Group) and Middle Income Group (MIG) category.

HDFC in line with its vision for providing affordable housing to all has been partnering with the government wholeheartedly to take the scheme, 'Pradhan Mantri Awas Yojana' to the real beneficiariesi.e. EWS, LIG and MIG category.Ministry of Housing & Urban Affairs and National Housing Bank have provided immense supportto HDFC to popularize and propagate the CLSS.

Commenting on this occasion, Ms Renu Sud Karnad, Managing Director, HDFC Ltd said, "The government has laid extraordinary focus on affordable housing with the launch of PMAY. Given the excellent response to the scheme, government has improved the scheme from time to time. This has renewed the interest of homebuyers in the Indian real estate sector and allowed first time home buyers to avail these benefits to own a house. This has been possible only because of Prime Minister's vision of providing 'Housing For All' by 2022 and his unstinted focus by providing special incentives not only to economically weaker section and lower income groups but also to large middle income group. I suggest that people should take all effortsto avail the benefits ofthese schemes especially the Middle class as the schemes for the MIG category are available only up to 31st March 2019".

HDFC has been recognized, for the second consecutive year, by the Ministry of Housing and Urban Affairs for its contribution towards the Pradhan Mantri Awas Yojana's Credit Linked Subsidy Scheme. In July 2018, the Honourable Prime Minister, Shri. Narendra Modi recognised C Ltd for being the best performing primary lending institution in the EWS & LIG segment the second bestin the MIG segment of the CLSS.

HDFC in orderto educate customers aboutthe benefits ofthese schemes has been conducting seminars, presentations, Q&A sessions and on the spot counseling on a warfooting across the country. HDFC has trained over 1,000 developers, over 30,000 channel employees and developer's staff, over 2,000 HDFC's in-house staff, created training module and conducted online campaign on varioussocial media platformsto reach outto wider audience.

Thisis one smallstep towards "Housing for all by 2022" which HDFC ltd has been working on as a mission and business objective to take 'Pradhan Mantri Awas Yojana'to the real beneficiaries.

HDFC Ltd during the quarter ended September 30, 2018 approved 37% of home loans in volume terms and 18% in value terms to customers from the EWS and LIG segment. HDFC Ltd on an average has been approving 8,300 loans on a monthly basisto the EWS and LIG segment, with monthly such average approvals at approximately Rs. 1,354 crore. The average home loan to the EWS and LIG segmentstood at Rs. 10.1 lakh and Rs. 17.6 lakh respectively.

Credit Linked Subsidy Scheme (CLSS) was introduced in June 2015 under Pradhan Mantri Awas Yojana (PMAY) for home loansto customersfrom the Economically Weaker Section (EWS), Low Income Group (LIG) and was extended to Middle Income Group (MIG) from Jan-2017. As per the scheme, eligible borrowers is eligible for interest subsidy of 6.5% pa for loans up to Rs. 6,00,000 for EWS and LIG category(annual household income up to Rs. 6,00,000), interest subsidy of 4% and 3% for loans up to Rs. 9,00,000 and Rs. 12,00,000 respectively for MIG category (annual household income between Rs. 6,00,001 & Rs. 18,00,000) for a maximum tenure of 20 years. The effective subsidy to customerisin the range of Rs 2.30 - 2.67 lakhs on a 20 yr term receivable upfront. The schemes for MIG are valid up to 31stMarch, 2019 and schemesfor EWS/LIG are valid up to 31stMarch, 2022.

Shares of HOUSING DEVELOPMENT FINANCE CORP.LTD. was last trading in BSE at Rs.1883.2 as compared to the previous close of Rs. 1852.2. The total number of shares traded during the day was 461920 in over 2247 trades.

The stock hit an intraday high of Rs. 1893 and intraday low of 1852. The net turnover during the day was Rs. 868301771.

Source: Equity Bulls

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