NBFCs Seek 2 Years Extension of Subsidy under PMAY
Non-bank financing companies have approached the central housing ministry seeking clarity on its stance on continuing fresh disbursals under the PMAY Credit Linked Subsidy Scheme (CLSS) for the poor and the underprivileged. NBFCs are seeking an extension of the plan, due to end this month, for another two years. "We have sought a meeting with the housing ministry and its top officials to seek clarification on the extension of the CLSS scheme for the economically weaker section and low-income group," said the CEO of a housing finance company, on the condition of anonymity. "We are also requesting extension of the scheme by another two years as it not only aids housing to the poor but also leads to a significant amount of employment generation in rural India." The Cabinet had recently approved the extension of the PMAY-Gramin scheme beyond March 2021 to March 2024 to achieve the total target of 29.5 million rural homes. The extension only allows subsidies to the remaining 15.575 million households within the overall target. "After this budget, while there is a ?55,000-crore allocation, clarity is still awaited from HUPA & NHB. Almost 40% of our home loan customers were eligible for PMAY benefits thus far. Since the decision in this matter is still in limbo, we have stopped sourcing PMAY kind of inclusive LIG category customers," said a senior official from a home financier.
Tags : NBFC 2 Years Extension Subsidy PMAY PMAY Credit Linked Subsidy Scheme (CLSS) HUPA NHB PMAY-Gramin scheme