Andhra Pradesh Housing Minister Cherukuvada Sri Ranganadha Raju distributed IIFL Home Loan sanction letters to BLC-PMAY(U) beneficiaries
Tanuku, Andhra Pradesh, April 5, 2022: IIFL HFL, India’s fastest growing digital-first home finance company, distributed sanction letters to BLC-PMAY(U) (Beneficiary Led Construction-Pradhan Mantri Awas Yojana -Urban) beneficiaries, solving problem of housing for families. The IIFL Home Loan sanction letters were handed over by Mr. Cherukuvada Sri Ranganadha Raju, the Honourable Minister of Housing in Andhra Pradesh. IIFL HFL has already disbursed over Rs 4,400 cr in the state of Andhra Pradesh and Telangana, till March 31, 2022.
The home loan sanction letters were handed over in a meeting organized by Ministry of Housing, Andhra Pradesh. BLC beneficiaries were educated about various initiatives through which the state government is solving the problem of housing and the incentives associated with BLC.
Before the event, IIFL HFL representatives visited four villages, Kaviti, Achanta, Penugonda, Marteru to explain the benefits and educate them about the educate the proper documentation. IIFL HFL will be supporting beneficiaries by giving loan of upto Rs 3 lakh under PMAY, and financial inclusion.
Speaking at the landmark achievement Mr. Monu Ratra – ED and CEO at IIFL Home Finance said, “It’s a great honour for us to provide our support to the Ministry of Housing in Andhra Pradesh for achieving the goal of providing affordable housing. We already have 50 operational branches within the state. We focus on evolved technology allowing us to customise products, easing the process and encouraging our customers. We are planning to support maximum families through this initiative in Andhra Pradesh. We are looking for more such opportunities from various state governments to achieve the nation’s goal of ‘Housing for All’ in the future.”
About IIFL HFL
IIFL Home Finance Limited (IIFL HFL) is a wholly-owned subsidiary of IIFL Finance Limited. It is one of India’s leading housing finance companies and is a preferred choice for affordable home loan requirements. As of 31st December 2021, the AUM stood at Rs 22,207 crore of which home loan is 74% of the total with an average ticket size of Rs 17 lakh. The Return on Assets (ROA) for the period is at 3.5%.
Through affordable home loans, IIFL HFL makes people’s aspirations of owning a home a reality, while emphasizing on supporting green buildings and projects that help society achieve inclusive sustainable development. The objective is to fulfill economic upliftment for EWS/LIG segments of the country. The company has adopted asset light model by getting into Co-Lending arrangements that further helps to penetrate and expand in deeper markets of India. To make customer experience seamless the entire life cycle of housing loans is technology driven i.e., from origination to closure. The state-of-the-art IT infrastructure helps in reducing costs, real-time analysis of customer data, improving control and underwriting functions, while increasing customer reach and distribution capability.