Over Rs 3,000 crore has been disbursed under PMAY-Urban credit linked subsidy scheme

Over Rs 3,000 crore has been disbursed under PMAY-Urban credit linked subsidy scheme
11/05/2018 , by , in News/Views

National Housing Bank (NHB) has disbursed Rs 3,018 crore under the PMAY-Urban Credit Linked Subsidy Scheme (CLSS), against 1,40,943 units, said Sriram Kalyanaraman, managing director & CEO, National Housing Bank.

Kalyanaraman was speaking at ASSOCHAM’s Housing Finance for All event held in New Delhi on Thursday.

“Under the EWS/LIG scheme, we have disbursed Rs 2,436 crore against 1,13,081 units and under the MIG scheme, we have disbursed Rs 582 crore against 27,862 units,” he said.
According to Kalyanaraman easy and dedicated access to institutional financing, higher limit on external commercial borrowings (ECB) will attract more investments and assure sustained growth of affordable housing in India, making it the core driving segment for real estate.

“Simplification of ECB guidelines has opened a new window of funding for housing finance companies in India, increasing the prospects of a fresh round of overseas borrowings”, said Kalyanaraman.

According to him the foreign direct investment (FDI) and foreign institutional investors (FIIs) will play a key role in boosting supply of houses and infra projects in urban areas

“On the other hand, long term financing at lower rates will reduce costs of construction for developers allowing them to pass on benefits to consumers,” he said.

“While the progress made in housing sector development is commendable, it must be driven at an accelerated pace hereon. Financiers, builders, banks must accelerate our efforts in achieving the goal of housing for all,” said Ravindra Sudhakar, co-chairman, ASSOCHAM national council on affordable housing.

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