Owning a home in the city we live in is a dream and an aspiration. But for many it was always a distant dream because of steep prices of flats accompanied with a burden of paying hefty EMIs. But this is set to change now because of Prime Minister Narendra Modi’s vision of providing housing for all by 2022 under the Pradhan Mantri Awaas Yojana program. PMAY has emerged as a game changer for the erstwhile ailing real estate market with the developers now entering the affordable housing segment. And because of the subsidy on interest given to the borrowers under the scheme, it will encourage first time home buyers who were shying away from buying a home due to financial constraints.
Capri Global Housing Finance Limited has aligned its business completely with PMAY with an aim to empower and enable hundreds of families in realising their dream. Because, PMAY Mission – Making impossible possible
While one would still find it difficult to get a home loan from banks due to stringent documentation and proof of income playing key roles in their lending policies, one would easily be able to get a loan from CGHFL. We do not judge the home loan repayment capacity entirely from your salary slips. We understand that you are in a larger pursuit of your dream. We have our own income assessment mechanism where we also see the potential of earning more income of the applicant in their respective fields and so even though banks would turn away these applicants, we would be willing to support them.
“Families in the lower income group category could not afford to buy a house in the city they stayed and ended up staying in rented homes. But with the benefits passed on to the developers for constructing affordable homes, the prices of the otherwise expensive apartments will come down,” said Mr Rajesh Sharma, director of Capri Global Capital Limited of which CGHFL is a wholly owned subsidiary.
For example, if one is paying around Rs. 8000 rent for a home to stay in a suburb in Mumbai and if he can own a home by paying Rs. 12000 EMI in an extended suburb or outskirts of the city, (thanks to PMAY and reduction in home prices), he would prefer to buy a dream home instead staying in a rented one.
Mr Sharma observes that by buying their own home, thousands of families will integrate into the society as important stakeholders. “People who could not buy homes earlier did not have that sense of attachment to the locality they stayed and there was little or no sense of belonging. But now their outlook and perspective of looking at the city will change as they will become a stakeholder,” he said.
“This is real development as the families are not investors but first-time home buyers and we have aligned our housing finance arm completely with the ambitious vision of PM Narendra Modi. We take pride in being part of this historic developmental process,” Mr Sharma added.