RBI Governor calls for a separate single window mechanism for clearance of affordable housing projects.
Many affordable housing projects are still stuck at state government bodies.
He said that affordable housing needs greater focus and has strong multiplier impact on the growth.
Under the Pradhan Mantri Awas Yojana, government is targeting at housing for all by 2022.
Affordable housing segment is booming with the push from government.
According to industry estimate, disbursements in affordable housing of loans below Rs 10 lakhs have grown 43% in the last financial year.
Overall housing loans grew by 23% while home loans above Rs 25 lakh saw a marginal decline of 1% during the last financial year.
In a report India Ratings had said that it expects demand for 25 million homes i.e, 4 times of the entire current housing finance stock.
This is over financial year 2016-17 to 2021-22 in the medium income group and lower income group categories.
Affordable housing finance largely for loan ticket size up to Rs 15 akh will become a large segment for housing finance companies in the next five years.
With the estimated share to increase to around 37% in FY22, said India Ratings and Research.