HDFC disburses Rs 2,800-crore low-cost loans under Central scheme

The Modi government had launched the housing for all by 2022 in June 2015 and the disbursement is from that period.

While the lender has provided home loans worth Rs 1,728 crore under PMAW’s credit-linked subsidy scheme (CLSS) to the economically weaker section (EWS) customers and low- income group (LIG), it has disbursed loans worth Rs 1,067 crore to 3,526 customers from the middle income group (MIG), a report said.

The EWS comprises people with an annual household income up to Rs 3 lakh, while LIG include those with income greater that Rs 3 lakh and up to Rs 6 lakh.

Government launched its flagship PMAY(U) scheme on June 25, 2015 to provide housing for all by 2022.

It had also announced in the Budget 2018 that about 31 lakh homes are to be built in urban areas in FY19, and 51 lakh in rural areas.

“This has renewed the interest of homebuyers in the real estate sector and allowed first-time home-buyers to avail more benefits to own a house,” said Renu Sud Karnad, managing director at HDFC.

HDFC had disbursed 39 per cent of home loans in volume terms and 20 per cent in value terms to customers from the EWS and LIG segment during the nine months to December 2017, said the report.

In value terms, home loans to the EWS and LIG segments grew 32 per cent and 39 per cent, respectively, during the April-December 2017 period.

The average home loan to the EWS and LIG segment stood at ₹ 10.24 lakh and ₹ 17.38 lakh, respectively.

Till date 4,452 towns have been notified as statutory towns under the housing for all mission and properties located in these towns are eligible for subsidy, according to the report.