IIFL Home Finance Ltd takes rapid strides in CLSS distribution under PMAY in Eastern India

IIFL Home Finance Ltd takes rapid strides in CLSS distribution under PMAY in Eastern India

IIFL Home Finance Limited, a wholly owned subsidiary of India Infoline Finance Limited (IIFL), has emerged as one of the most frontrunner companies in Eastern India in distribution of Credit Linked Subsidy scheme (CLSS) under Pradhan Mantri Awaas Yojana (PMAY) in line with the government's ambitious Housing for All by 2022 mission. With an array of customized home loan products to cater to customers’ various requirements, the company has been significantly contributing to help the common men realise the dream of owning homes for their families.

Supporting the affordable housing segment in a big way with its different home loan initiatives in sync with PMAY scheme, IIFL Home Finance Limited is also engaged in educating the customers and raising their awareness levels to help them get benefitted by CLSS. Consequently, it has seen significant increase in queries related to CLSS, which has supported significant growth on business volume. Currently, approximately 60% of the company’s home loan disbursement is towards affordable housing. 

Mr. Ranodeb Datta, Zonal Sales Manager, East, IIFL Home Finance Limited said, CLSS has been surely a major game changer in real estate and housing industry which is evident from the transformation of housing projects from "luxury apartments" to "affordable houses". Developers are looking at low cost land parcels, affordable construction technology and necessity homes for their next ventures.”

“We make it a point to enhance the delight of customers under this segment. Whenever customers get the CLSS amount credited to their loan account, they give us a very good response through referrals coming to us for this facility," he added.

He said further, "Project sites of developers who are focusing on affordable housing are manned by our trained sales team. The company has been targeting FTB (First Time Borrowers) of home loans and individuals/masses who belong to the informal income segment like small traders, shop owners, cash salaried whose dream of owning a home can come true with a customized home loan facility under the CLSS scheme.” IIFL Home Finance Limited has noticed that many of these customers have good credit worthiness and can build up a sizable loan portfolio.

IIFL Home Finance Limited has taken pains to train its sales team with regard to CLSS. It has been carrying out various awareness programmes, road shows to approach and educate the masses about PMAY and CLSS. For instance, it has been doing mobile van campaigns in and around Kolkata and suburbs to reach out to the masses. 

Yet even with so much awareness campaign on PMAY & CLSS, the company has experienced that adequate information is yet to reach the masses. It feels that awareness counters at Registrar offices/Courts where any home buyer has to go for registration of the property would help in bringing in the knowledge on PMAY/CLSS. As most of the affordable housing projects are coming up in locations devoid of municipality or town planning, extension of CLSS scheme under Panchayat/Zilla Parishad purview will have an added advantage to give thrust to mass housing projects.

About IIFL Home Finance Limited

IIFL Home Finance Limited is a wholly owned subsidiary of India Infoline Finance Limited (IIFL) which is a NBFC registered with the Reserve Bank of India (RBI). IIFL Home Finance Limited is professionally managed and shares the professional values and ethos of its parent and holding company India Infoline Finance Limited; It has acquired and maintained a reputation for reliability, transparency of operation and absolute integrity. A steady growth rate validates the trust that customers have reposed in the company.