HDFC releases Rs 2,300 crore as subsidy for PMAY

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HDFC Ltd, on Wednesday disbursed subsidy worth over Rs 2,300 crore under the PMAY (Pradhan Mantri Awas Yojana) scheme.

“The government’s PMAY scheme is a growth accelerator programme that aims to provide affordable housing to people in the country. The thrust on housing is a recognition that a rapidly growing country like India with a large young population needs more affordable homes,” Renu Sud Karnad, managing director of HDFC Ltd said.

She also suggested that people should take all efforts to avail the benefits of these schemes at the earliest as the schemes for the MIG category is available only until March 31, 2020.

Moreover, the company has disbursed subsidy amounting to over Rs 2,300 crore, gaining over 1,04,000 families under the PMAY credit linked subsidy scheme (CLSS), HDFC said in a statement.

The amount, disbursed by the country’s largest mortgage lender for the government’s flagship housing scheme PMAY, will benefit over one lakh first time home buyers, cited Mint.

In 2018-19, the mortgage lender approved 37 per cent of home loans in volume terms and 18 per cent in value terms to customers from the EWS and LIG segment.

The company has approved Rs 22,136 crore of home loans under CLSS to homebuyers belonging to the economically weaker section (EWS), low income group (LIG) and middle income groups (MIG), HDFC further added.

The mortgage lender has partnered with Ministry of Housing & Urban Affairs and the National Housing Bank (NHB) to work towards the government’s goal of ‘Affordable Housing for All’.

Also, HDFC has engaged with developers and channel partners so as to reach out to more eligible beneficiaries.

The corporation on an average has been approving 8,600 loans on a monthly basis to the EWS and LIG segment, with monthly such average approvals at Rs 1,460 crore, it said.

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