September 7, 2020 3:00:02 am
Mortgage firm HDFC Ltd on Sunday said it has disbursed subsidy to over two lakh homebuyers under the Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS), becoming the first lender to do so. This is the flagship housing scheme of the government.
The corporation has approved over Rs 47,000 crore of home loans under CLSS to homebuyers belonging to the economically weaker sections (EWS), low income group (LIG) and middle income group (MIG), it said. “Subsidy under PMAY amounting to over Rs 4,700 crore has been passed on to these two lakh homebuyers, becoming the only financial institution in the country to achieve this feat,” HDFC said in a statement.
Renu Sud Karnad, managing director, HDFC, said, “The government’s PMAY scheme has been successfully assisting homebuyers belonging to different income groups since 2015. The scheme is in line with our overall philosophy that every Indian must have a home of their own.”
“Due to the Covid-19 crisis, a number of sectors including the real estate sector have been affected. Having said that, we feel that the demand for housing will pick up gradually as the economy emerges out of this difficult period and confidence in the economy is restored,” she said, adding, “One must not forget that structural demand for housing for India will always be strong due to factors such as improved affordability, government’s thrust on affordable housing, favourable demographics, increasing urbanisation and rising aspirations.”
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