Mumbai6 hours ago
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- First time home buyers will get the benefit of this partnership
IIFL Home Finance, a subsidiary of IIFL Finance Limited, has announced the signing of an MoU (Memorandum of Understanding) with Central Bank of India. Central Bank of India is the largest commercial bank in the country providing home loans to LIG ie low income and MIG ie middle income sector.
Company registered as NBFC
IIFL Finance Limited is registered as an NBFC with the Reserve Bank of India. IIFL Home Finance expects 18% growth in the loan book from this tie-up in the times to come. The loan sourcing and servicing under this agreement will be done by IIFL Home Finance. 80% loan will be provided by Central Bank of India.
IIFL Home Finance to provide service to customers
IIFL will provide a wide range of services to the customers, from sourcing, document handling, collection to loan servicing, throughout the life cycle of the home finance loan. This tie-up will strengthen IIFL Home Finance Limited’s lending portfolio as it will be able to offer home loans to more customers in the country after this tie-up.
Loan will be available at attractive interest rate
Under this arrangement IIFL Home Finance will be able to offer more attractive interest rates to its customers. With this initiative IIFL Home Finance expects to further strengthen its presence in Telangana, Gujarat, Maharashtra and Karnataka. With the help of IIFL HFL, recently 43 thousand families have got the benefit of CLSS subsidy scheme under Pradhan Mantri Awas Yojana.
So far, with the help of IIFL Home Finance, people in 17 states have got the benefit of subsidy of more than Rs.1,025 crore. The company has so far disbursed loans to 1,25,000 families.
There will be benefit in giving loan for cheap house
Monu Ratra, CEO, IIFL Home Finance Limited said, “We are very excited to partner with Central Bank of India. This tie-up will benefit our strategy to expand our reach in the affordable housing segment. This will help in reaching out to new customers and thus achieve a good growth in loan booking under co-lending arrangement. We understand that this pandemic has affected many people and their income.
Through this partnership, we will be able to offer affordable home loans at competitive prices to first time home buyers. This will also help in giving new momentum to the market again.
Coming together will give strength
Ratra said that this partnership will help in further strengthening the reach of both the lenders, creating better conditions for all stakeholders. IIFL Home Finance has a rich beginning and has years of experience in home loan lending and service delivery. It also has a digitally advanced platform for lending. On the other hand the low cost fund is the strength of Central Bank of India.
Has agreements with many more banks
IIFL Housing Finance has recently tied up with Standard Chartered Bank for co-lending. Standard Chartered Bank is the leading foreign bank offering MSME loans in India. IIFL Housing Finance has tied up with ICICI Bank, the country’s second largest private sector bank, to offer home loans and MSME loans at affordable rates. IIFL Homes, as a Fintech Housing Finance Company, is committed to helping its customers buy a home without any hassle with the help of its solid and future ready technology system. The company provides home loans in 100% digital mode.