Mumbai, 03rd December 2019: One of the top housing finance player, LIC Housing Finance has set a new milestone by disbursing 1,00,000 loans under the Government of India’s “Pradhan Mantri Awas Yojana” -CLSS loans. The Company has been focussing on the affordable housing segment which has been a growth driver.
Commenting on the achievement, Mr. Siddhartha Mohanty, Managing Director and CEO, LICHFL, said, “We are committed towards the Government of India’s mission of “Housing for All” by the year 2022. So far subsidy of Rs. 1400 crs has been passed on to beneficiaries. On the affordable housing front under PMAY CLSS Scheme, the Company continues to perform exceedingly well. For the half year, we disbursed nearly 25,000 accounts totalling Rs. 5,000 crs under this scheme accounting for nearly 26% of retail disbursements in volume terms and 24% in value terms. Affordable housing is expected to lead the demand for housing in near-to-medium term. The government has introduced many policy reforms favouring affordable segment during the past years including additional tax rebate of Rs 1.5 lakh on interest payment on Home Loans for units priced upto Rs 45 lakh, giving a boost to housing which has naturally benefitted housing finance companies.”
LIC Housing has a special product Apna Ghar through which it distributes loans under Pradhan Mantri Awas Yojana. Apart from the benefits under the PMAY CLSS scheme it offers concessional rate of interest to women borrowers. Through the product customers can avail a loan for a maximum tenure of 30 years.