HDFC Ltd gets best performing housing finance company award under PMAY
Oct 20, 2022
New Delhi [India], October 20 : India's premier housing finance company HDFC Ltd has been awarded as the Best Performing Housing Finance Company under Credit Linked Subsidy Scheme (CLSS) of the government's flagship scheme -- Pradhan Mantri Awas Yojana (PMAY) -- at the Indian Urban Housing Conclave 2022 in Rajkot.
Union Petroleum Minister Hardeep Singh Puri honoured HDFC Ltd Senior General Manager & Chief CLSS and Affordable Housing Sanjay Joshi with the award in the presence of HDFC Ltd Gujarat Regional Head Gopal Krishanan and other dignitaries in Rajkot on Wednesday evening, according to an official statement.
In July 2018, HDFC was awarded as the best-performing primary lending institution in the economically-weaker section (EWS) and low-income group (LIG) segment and the second best in the middle-income group (MIG) segment of the CLSS.
In March 2019, HDFC was also awarded the 'Best Private Sector Financial Institution' for PMAY-CLSS at PMAY- Affordable Housing Awards 2019.
HDFC Ltd Managing Director Renu Sud Karnad said, "The government's PMAY scheme has been successfully assisting homebuyers belonging to different income groups since 2015. This scheme is in line with our overall philosophy of making India a property owning democracy. Affordable housing will continue to be the driving force behind the real estate sector in India."
She also said that the demand for affordable homes in India was extremely deep and resilient. The structural demand for housing for India will always be strong due to factors such as improved affordability, government's thrust on affordable housing, favourable demographics, increasing urbanisation and rising aspirations to own a house.
She added, "Affordability had been better as compared to four-five years ago, given the property prices having seen both price and time correction, though the property prices have risen in the past few months largely due to the rise in the cost of construction material. Also with the increase in the trend for working from home, the demand for homes will only rise going forward."
The statement also said that HDFC Ltd had assisted over 3.13 lakh beneficiaries under the with subsidy of Rs 7,200 crore and cumulative loans approved to these beneficiaries are over Rs 67,000 crore. There has also been a paradigm shift by customers across all segments applying online which has enabled HDFC to assist over 3 lakh customers under PMAY especially during the pandemic. It also added that today over 92 per cent of new loan applications received are through digital channels which were less than 20 per cent before the pandemic.
