HDFC disburses subsidy to over 1 lakh first-time homebuyers under PMAY
HDFC Ltd, India’s premier housing finance company has disbursed subsidy amounting to over Rs2,300 crore benefitting over 1,04,000 families under the government’s flagship housing scheme - Pradhan Mantri Awas Yojana (PMAY).
 
The corporation has approved Rs22,136 crore of home loans under the Credit Linked Subsidy Scheme (CLSS) to homebuyers belonging to the economically weaker section (EWS), Low Income Group (LIG) and Middle Income Groups (MIG), HDFC said in a statement. 
 
The housing finance company has partnered with the Ministry of Housing & Urban Affairs and the National Housing Bank to work towards the government’s goal of “Affordable Housing for All”
 
“The government’s PMAY scheme is a growth accelerator programme that aims to provide affordable housing to people in the country. The thrust on housing is a recognition that a rapidly growing country like India with a large young population needs more affordable homes. The government has rightly incentivised all constituents in the housing chain – be it developers, borrowers and lenders in order to make India a property owning democracy,” said Renu Sud Karnad, Managing Director, HDFC Ltd. She further added that people should take advantage of this scheme at the earliest as the ones for the MIG category are only available until 31 March, 2020. In this regard, HDFC has also engaged with developers and channel partners to reach out to eligible beneficiaries. 
 
During 2018-19, the housing finance company has approved 37% of home loans in volume terms and 18% in value terms to customers from the EWS and LIG segment. On average, the corporation has been approving 8,600 loans on a monthly basis to the EWS and LIG segment, with such average approvals at Rs1,460, they said in a statement. The average home loan to the EWS and LIG segment stood at Rs10.1 lakh and Rs17.5 lakh respectively. 
 
CLSS, which was introduced in June 2015 under the PMAY for EWS, LIG and extended to MIG from January 2017, gives borrowers an interest subsidy of 6.5% per annum for loans up to Rs6 lakh for EWS and LIG category (annual household income up to Rs6 lakh). Interest subsidy of 4% and 3% are provided for loans up to Rs 9 lakh and Rs 12 lakh, respectively, for MIG category for a maximum tenure of 20 years. 
 
The effective subsidy to customer is in the range of Rs2.30 – Rs2.67 lakh on a 20 year term, receivable upfront. The schemes for MIG are valid up to March 32, 2020, while the plans for EWS/LIG are valid up to March 31,2022.
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    Personal Finance   Sponsored Post
    How to Accept Credit Card Payments — The Ultimate Guide
    If you are a growing business or want to widen your reach by tapping into the online market then you must be able to accept credit card payments. By accepting credit card payments your business can witness up to a 40% boost in sales. So, put the right software and hardware in place so as to ensure that your client's data security is maintained while making online credit card payments. 
     
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    In order to accept credit card payments, you should begin by following these steps.
     
    Starting a merchant account
     
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    Selecting a merchant service provider
     
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    DSK Scam: Bank of Maharashtra chief Ravindra Marathe gets bail
    A Special Court on Wednesday granted bail to Ravindra Marathe, managing director (MD) and chief executive officer (CEO) of Bank of Maharashtra (BoM). Last week, Marathe, along with five others were arrested by the Pune Police in the DS Kulkarni fraud and cheating case.
     
    SN Sardesai, Special Judge for Maharashtra Protection of Interest of Depositors (MPID) Act, granted bail to Marathe on a surety of Rs50,000. 
     
    The arrest of Marathe and other top executives from Bank of Maharashtra had sparked a row with Bank employees and Indian Bank Association (IBA) accusing police of high handedness and overreach. However, According to the investigators, the bank executive and officials colluded with the DSK Group "with dishonest and fraudulent intentions to sanction and disburse the amount of the bank (BoM)" under the garb of loans and the money was later siphoned off.
     
    Besides Marathe, those arrested include Sushil Muhnoot, the bank’s former chairman and MD; Rajendra Gupta, executive director, and Nityanand Deshpande, the bank’s zonal manager, who was taken into custody from Ahmedabad. Also arrested were Sunil Ghatpande, DSKDL’s chartered accountant, and Rajiv Newaskar, chief engineer of the company.
     
    All India Bank of Maharashtra Employees Association and BoM Officers Association, both affiliated with All India Bank Employees Association (AIBEA), felt the police have been overzealous while arresting top executives of BoM. In a statement, they say, "As a union, we are for accountability of the top management including MD and Executive Directors, but here in this case, investigative agencies have overstepped looking to the way in which they (the top executives) were taken into possession and ultimately kept in custody. This has happened a day early to the annual general body meeting of Bank's shareholders. This coincidence is inexplicable."
     
    All India Bank Officers' Confederation (AIBOC) also condemned arrest of senior management. In a statement, DT Franco, General Secretary of AIBOC says, "It is known that most of the loans which have become non-performing assets (NPAs) are large advances, sanctioned at board level of the Banks consisting of representatives from Reserve Bank of India (RBI) and members nominated by Government as well. Hence, it is not in order to punish the bank officials alone if at all the government thinks of such an action."
     
    As per the statement issued by BoM, its exposure in the consortium lending to DS Kulkarni Developers Ltd (DSKDL) is only Rs94.50 core as against sanctioned amount of Rs139 crore. The Consortium is led by State Bank of India (SBI) with 33.33% of the lending, followed by Union Bank of India (UBI), Syndicate Bank and BoM, each with Rs100 crore or 16.67%, IDBI Bank Ltd with Rs75 crore or 12.50% and Vijaya Bank with Rs25 crore or 1.46% stake in the lending of Rs600 crore. 
     
    Bank of Maharashtra said its exposure to DSKDL is Rs94.52 crore and is fully secured by primary and collateral securities. It says, "Recovery process like action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act has already been initiated by the Bank and some the properties are due for auction. Bank has also declared DSKDL and its promoters as wilful defaulters."
     
    Pune-based DSK Group's owners DS Kulkarni and his wife Hemanti were arrested in February on charges of cheating over 4,000 investors of over Rs1,150 crore and diverting bank loans of nearly Rs2,900 crore.  
     
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    COMMENTS

    darsh kkka

    1 month ago

    Marathe made report failed claims of crop insurance, and he is paying its price..govt dont want to accept blame..the scam happening in crop insurance..

    Deccan Whack

    1 year ago

    Government should remember that elections are around the corner. Government's all-out effort towards saving scamsters and tainted bank officials will not go down well with senior citizens and middle class investors who lost their lifetime savings. Investors will have to agitate on the street to wake up the government.
    Indeed, DSK FD Holders & Flat Buyers should now get ready to fight against the corrupt Indian banking industry

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