IIFL Home Finance expects loan book growth by 18%, signs MOU with Central Bank of India for Co-lending
- The home loan sourcing and servicing will be managed by IIFL Home Finance and 80% of the loan will be provided by Central Bank
- Expects business growth in Telangana, Gujarat, Maharashtra and
- IIFL Home Finance Ltd. to offer more attractive interest rates to its customers
Chennai, June 8th, 2021: IIFL Home Finance, a subsidiary of IIFL Finance Limited which is a NBFC registered with the Reserve Bank of India (RBI), announced their association and signed MoU with Central Bank of India, one of India’s largest commercial bank for LIG* and MIG** Sector lending for home loans. IIFL HF expects to gr ow loan book by 18% in the coming times with this tie up. The loan sourcing and servicing will be managed by IIFL Home Finance and 80% of the loan will be provided by Central Bank.
IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, document ation, collection and loan servicing. This association will significantly strengthen IIFL Home Finance Ltd.’s port folio of lending Home Loans to larger target customers in India. The arrangement will also help IIFL Home Fin ance to offer more attractive interest rates to its customers. With this initiative IIFL HF expects to strengthen its presence in Telangana, Gujarat, Maharashtra and Karnataka.
IIFL HFL recently facilitated distribution of CLSS subsidy benefits to over 43,000 beneficiary households under Pradhan Mantri Awas Yojana. IIFL HF facilitated subsidy benefits in 17 states, totaling over Rs.1025crore. The company has till date disbursed loans to over 1,25,000 happy families.
Speaking on the development, Mr. Monu Ratra, CEO & ED at Home Finance Ltd said, “We are excited to partner with Central Bank of India, the collaboration will reinforce our strategy and objective of increasing our reach in the affordable housing segment, target untapped customers and hereby grow our book significantly under the co-lending mechanism. We understand that Pandemic has affected many and their buying capacity, through this Co-lending association, we will be able to provide more affordable home loans to first time home buyers at comp etitive prices and thereby also help in the revival of the market.”
Mr. Ratra added, “This association will further strengthen the re ach of both the lenders, creating a winning pro position for all stakeholders. IIFL Home Finance with its rich origin and years of experience in in Home Loan ori gination and servicing capabilities, including digitally advanced lending platform, while Central Bank of India will be bringing in its strength of lower cost funds.”
IIFL Housing finance recently entered into co-lending arrangement with Standard Chartered Bank, one of the le ading foreign Bank in India for extending credit to MSME loans (loan against property). IIFL HF has also joined ha nds with ICICI, second largest private sector Bank in India for affordable housing, MSME loans.As a fintech hous ing finance company, IIFL Home Finance is dedicated to make their customers’ journey of owning a home as se am less as possible by leveraging their future-ready technology system, which offers 100% digital on-boarding.
About IIFL Home Finance Limited:
IIFL Home Finance Limited, a company incorporated under the Companies Act, 1956 (CIN: U65993MH20 06PL C166475) and registered as a Housing Finance Company with the National Housing Bank vide Certificate of Reg istration (COR) No. 09.0175.18 dated September 25, 2018. The Company is a subsidiary of IIFL Finance Limited which is a NBFC registered with the Reserve Bank of India (RBI). IIFL Home Finance Limited. is professionally ma naged and shares the professional values and ethos of its parent and holding company India Infoline Finance Lim ited; It has acquired and maintained a reputation for reliability, transparency of operation and absolute integrity. A steady growth rate validates the trust that industry has reposed in the Company. IIFL Home Finance Limited currently has 125+ branches across India, a strength of 2000+ Employees and 13000+ pre-approved projects pa n India. It has acquired and maintained a reputation for reliability, transparency of operation and absolute inte grity. A steady growth rate validates the trust that customers have reposed in the company. For more details, please visit www.iifl.com/homeloans.com
