HDFC clears Rs 47,000 cr loans to 200,000 home buyers under subsidy scheme

These homebuyers belong to the Economically Weaker Section, Low Income Group and Middle Income Groups, HDFC said in a statement

Housing Development Finance Corporation (HDFC), the country’s largest mortgage company, has approved loans worth Rs 47,000 crore to 200,000 home buyers under Credit Linked Subsidy Scheme (CLSS).

The subsidy amounting to over Rs 4,700 crore has been passed on to these home buyers. These homebuyers belong to the Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Groups (MIG), HDFC said in a statement.

The Corporation has partnered with the Ministry of Housing & Urban Affairs and the National Housing Bank to work towards the goal of ‘Affordable Housing for All’.

 

Renu Sud Karnad, Managing Director, HDFC said due to the Covid-19 crisis, a number of sectors including the real estate sector have been affected. The demand for housing will pick up gradually as the Economy emerges out of this difficult period and confidence in the economy is restored.

The 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, Karnad said.

Affordability was never better given the huge concessions under PMAY, tax benefits on Home loans, lowest ever interest rates and property prices having seen both price and time correction.  

Also with the increase in the trend for working from home, the demand for homes will only rise going forward, HDFC said.