While the lender has provided home loans worth Rs 17.28 billion 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 10.67 billion to 3,526 customers from the middle income group (MIG), it said in report on Tuesday.
Government launched its flagship PMAY(U) scheme on June 25, 2015 to provide housing for all by 2022. Since then, it has taken several steps such as inclusion of the MIG category under CLSS, increasing the loan tenure to 20 years, extending the MIG scheme till March 2019, increasing in the carpet area of houses under the CLSS for MIG, etc, to increase the scope of PMAY.
It also announced in the Budget 2018 that about 3.1 million homes are to be built in urban areas in FY19, and 5.1 million 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.
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 Rs 1.024 million and Rs 1.738 million, 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.