IIFL Home Finance Ltd. (IIFL HFL) in collaboration with Asian Development

IIFL Home Finance Ltd. (IIFL HFL) in collaboration with Asian Development Bank (ADB), launches 1^st event from the flagship Kutumb series to promote green affordable housing in India

IIFL Home Finance Ltd. (IIFL HFL), in collaboration with Asian Development Bank (ADB), organised its flagship event Kutumb which is an initiative to promote Green Affordable Housing in India. The event took place at India Habitat Centre, New Delhi on December 14^th, 2021 with the presence of Mr. S.K. Hota (MD, National Housing Bank) & Mr. Nirmal Jain (Founder & Chairman, IIFL Group) as chief guests. The event also had speakers from development finance institutions (DFIs) such as Asian Development Bank and Proparco (an arm of Agence Française de Développement Group (AFD Group).

Under the project 'Resilient & Green Affordable Housing for Economically Weaker Section (EWS) and Low-Income Group (LIG) categories in India', IIFLHFL, with the support of ADB, will be hosting series of it’s flagship event ‘Kutumb’ at various locations across the country. The objective of Kutumb is to enable and support the green building ecosystem in the affordable housing sector in India. Kutumb, Delhi Chapter, titled ‘Climate Resilient & Green Affordable Housing in India’ focussed on affordable, low-carbon and resilient homes. The programme witnessed over 120 attendees, a mix of housing developers, financiers, subject matter experts and consultants.

Mr. Monu Ratra (ED and CEO, IIFLHFL) said, "The pandemic has brought in high consciousness towards green and sustainable construction amongst the developers, as well as the homebuyers. Also, considering buildings contribute around 35% of carbon emissions and with the vast majority of housing stock yet to be built in India, it is imperative to hold platforms such as Kutumb to build an ecosystem to foster green, sustainable and affordable housing in India.”

Sharing her views, Ms. Susan Olsen, Senior Investment Specialist for South Asia, ADB said, “Building climate-resilient and sustainable communities begins by giving access to affordable and green homes, particularly for lower income groups that are highly vulnerable to climate change impacts. IIFL HFL is our partner in broadening the scope of green affordable housing in India.”

The event witnessed discussions and deliberations between industry experts such as Priya Sunder (Senior Investment Officer, Asian Development Bank), Diane Jegam (Directrice Régionale PROPARCO Asie du Sud chez Proparco),  nationally renowned architect Ashok B Lall (Principal Architect, Ashok B. Lall Architects), Mohua Mukherjee (Economist & Green Finance Professional, Independent Director, IIFL Home Finance Ltd.), Dr. Sejal Patel (Professor & Chair, Faculty of Planning, CEPT), Ravi Aggarwal (Co-founder & MD, Signature Global Group of Companies), and Saswat Bandyopadhyay (Project Director, CEPT). The event was conducted in a panel discussion format supported by presentations. The panels focused on subjects ‘Sustainable Finance in Affordable Housing’ and ‘Importance of Climate Resilience in Affordable Housing’ in India.

 In the series of Kutumb, the next event is likely to be scheduled in Ahmedabad, in the first week of February, where IIFLHFL and ADB aim to bring together the affordable housing developers, planners, architects, consultants and potential homebuyers on one forum and address subjects relevant to green affordable housing in the area.

IIFL Home Finance disburses Rs. 7000 crores of

IIFL Home Finance disburses Rs. 7000 crores of loan to 42,500 families under PMAY

IIFL Home Finance Ltd, one of India’s leading housing finance companies in the affordable housing segment today said that it has approved loans worth about Rs. 7,000 crores to 42,500 beneficiaries under the Credit Linked Subsidy Scheme vertical of Pradhan Mantri Awas Yojana (PMAY – CLSS).

                                                                                                                                                  

The subsidy amounting to over Rs. 1000 crore has been facilitated to these 42,500 beneficiaries, who belong to the Economically Weaker Section (EWS), Low Income Group (LIG) and Middle-Income Groups (MIG).

Out of the total subsidy of Rs. 1000 crore, more than Rs. 870 crores have been provided to families/beneficiaries in EWS/LIG category. This is 87% of the total subsidy provided by the company.

Mr Monu Ratra, CEO of IIFL Home Finance said, ”We are absolutely aligned to the vision of Ministry of Housing and Urban Affairs (MoHUA), Government of India towards Housing for All. We have seen a significant revival of demand for Affordable Housing in the last 3 months. Rather, this pandemic has made people realize the importance of having their own house with good living and hygienic conditions. Hence, we are highly optimistic of Affordable Housing in future as well”

Under the scheme, homebuyers with Annual Household Income of upto Rs. 18 Lakhs can avail the benefit of subsidy under the PMAY (U) scheme on their home loans to the extent of Rs. 2.67 lakhs subject to meeting of other eligibility criteria laid by MoHUA. The scheme is aimed at achieving the government’s objective of ‘Housing for All’.

Despite the Covid-19 induced lockdown, IIFL Home Finance Ltd. has continued business at a brisk pace and is back to normal as earlier.

As a fintech Housing Finance Company, IIFL Home Finance Ltd. is dedicated to make the journey of owning a home as seamless as possible. Due to its future-ready technology system, the Company was able to revive its business in pandemic. The technology driven initiatives have helped in the smooth functioning of business activities even during Covid-19. With the advanced analytical tools and automation, IIFL Home Finance Ltd. has made credit underwriting, appraisal and collection processes faster and accurate.

The Company is a leader in the affordable home finance segment and has always been instrumental in helping individuals in the lower income group with informal income. Its small-ticket size Home Loan product, Swaraj Loan, fosters financial inclusion for such underserved segment of the society. It caters to a vast community of first-time home buyers who may or may not be supported by formal income documentation.