IIFL: disburses Rs. 440 Crores to 20,000

IIFL Holdings today said, its subsidiary IIFL Home Finance Ltd. has disbursed over Rs. 440 crores to about 20,000 beneficiaries under Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojna (PMAY). CLSS is the flagship scheme of Government of India’s PMAY, which aims housing for all by 2022.

Till the month ended November 30, 2018, IIFL Home Finance has approved home loans of up to Rs. 2700 crores under PMAY (Urban) CLSS scheme to beneficiary families belonging to EWS (Economically Weaker Section), LIG (Low Income Group) and Middle Income Group (MIG) categories.

The average ticket size for loan amount disbursed to customers under this scheme is Rs. 13 lacs in case of EWS/LIG. Since the launch of the scheme in 2015, CLSS beneficiary numbers of IIFL HFL have grown from 65 in FY 2015-16 to about 20,000 in December, 2018, making it one of the largest players in this segment.

Monu Ratra, CEO, IIFL Home Finance said, “We fully appreciate and support the government’s vision of ‘Housing for All’ by 2022. CLSS subsidy scheme under PMAY has been well received by customers all over the country, especially first-time home buyers belonging to EWS and LIG category.”

IIFL Home Finance has been recognized as one of the ‘Best Performing PLI under CLSS for EWS/LIG’ by the Ministry of Housing and Urban Affairs for the second year in a row – for its outstanding contribution towards the Pradhan Mantri Awas Yojana’s Credit Linked Subsidy Scheme.

About IIFL

IIFL Holdings Ltd. (NSE: IIFL, BSE: 532636) is a leading player in the Indian financial services space. IIFL is engaged in the business of loans and mortgages, asset and wealth management, retail and institutional broking, investment banking and realty services through its various subsidiaries.

IIFL Holdings Ltd. is headquartered in Mumbai with overseas offices in London, New York, Toronto, Geneva, Hong Kong, Dubai, Singapore and Mauritius. Started as a research firm in 1995, IIFL is a first generation venture. Today, IIFL is a diversified financial services group with a consolidated net-worth of Rs. 5,639 Cr as on September 30, 2018, offering a gamut of services to more than 50 lakh customers across various business segments and is continuously building on its strengths to deliver excellent service to its expanding customer base.

IIFL is featured in the prestigious Forbes list of ‘India’s Super 50 Companies‘ in 2017, a benchmark to identify Indian companies that exhibit high growth in profitability, sales and shareholder returns. IIFL is also among the ‘Outlook Business Outperformers‘ – a prestigious list of eight companies which have beaten the Sensex over a five-year period. IIFL is ranked as the #1 Investment Banker in Equity Issuances for CY2016 and CY2017 YTD (January 2016-December 2017) by PRIME Database. IIFL won ‘The Best Private Banking Services Overall, India’ award at Euromoney Private Banking and Wealth Management Survey, 2017. IIFL wasrecognized as ‘India’s Most Trusted Financial Service Brand (Non-Bank)’ by the Brand Trust Report India Study, 2016. IIFL Group bagged ‘Best Customer Service in the Financial Sector’ by World Quality Congress – service quality awards in 2015. IIFL received ‘India’s Most Promising Brand’ 2014 award at WCRC Global India Excellence Summit in London, in 2014.