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CII suggests mandatory life insurance cover for PMAY borrowers
TIWN
CII suggests mandatory life insurance cover for PMAY borrowers
PHOTO : TIWN

New Delhi, July 26 (TIWN) The Central government should relaunch the Pradhan Mantri Awas Yojana (PMAY) with an in-built credit-linked insurance cover for the borrowers, industry chamber Confederation of Indian Industry (CII) has suggested.

CII Director General Chandrajit Banerjee said: "There is a need for a relaunch of the PMAY scheme with an in-built credit linked insurance or a mandatory life insurance for all borrowers under the PMAY scheme to ensure that the intent of providing 'Housing for All' does not take a hit due to death or disability of the primary borrower.

The family should inherit a home, not a loan."  Affordable housing is one of the vital components of economic growth, provided the prevailing impediments of untimely death of the borrower and impact on the residual loan, the status of the home and family in case of such exigency are dealt with, he added.

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