Modi\u2019s PMAY impact! For the first time,\u00a0India's home loans touched double-digit mark as a percentage of GDP in the financial year 2018, thanks to Prime Minister Narendra Modi's flagship\u00a0Pradhan Mantri Awas Yojana, a report has shown.\u00a0Housing credit grew 16% in FY18, taking the mortgage penetration (housing credit as a percentage of GDP) to a double-digit mark of 10% for the first time in FY18, up from 9.5% in FY17, an ICRA report said. In the financial year 2018-19, the home loan growth is going to accelerate further. "Growing affordability for the first-time home buyers, supported by government incentives like the PM's Awas Yojana are expected to result in a rise in primary home purchases, especially in the affordable housing segment, which will help segmental loan growth to 17-19%," the ICRA report said. The overall house loan in the year 2017-18 was 39% pushed by\u00a0new mortgage players in the affordable housing segment. In fact, in the five years, the mortgage penetration level could to go up by 300-500 basis points, the report added. Under the Pradhan Mantri Awas Yojana, Narendra Modi has set the target of\u00a0building 20 million affordable houses for urban poor. Recently, to give a further push to the plan, the government increased the carpet area for houses eligible for subsidy under the Credit-Linked Subsidy Scheme (CLSS) for the middle-income group (MIG). This will particularly help\u00a0those living in Tier II and Tier III cities. As\u00a0per the revised norms, MIG-I category home buyers with household income between Rs 6 lakh and Rs 12 lakh are now eligible for a subsidy for homes up to carpet area of 160 sq. m. from the earlier 120 sq. m. Similarly, MIG-II category home buyers with household income between Rs 12 lakh and Rs 18 lakh are also eligible for a subsidy for homes with a carpet area of up to 200 sq. m. from the earlier 150 sq. m.