News
SBI signs Co-lending deal with IIFL Home Finance for priority sector home loans


Mumbai, March 24, 2022: IIFL HFL, today announced signing of agreement with State Bank of India, for Co-lending of priority sector home loans. This is SBI’s first Co-lending agreement with a home finance company. The loan sourcing and servicing will be managed by IIFL HFL. Under the arrangement, 80% of the loan will be provided by SBI.
A press release issued by IIFL HFL says that it will service the customers throughout their entire loan cycle, from sourcing, documentation, disbursal to collection. This association will let IIFL HFL penetrate further into affordable Home Loan segment. This arrangement will also help IIFL HFL in offering attractive interest rates to its customers.
IIFL HFL has disbursed loans totaling Rs 1500 cr till February 28, 2022 under existing co-lending arrangements. Earlier this year, IIFL HFL signed agreements with banks such as Union Bank for extending home loans, Central Bank of India (one of India’s largest commercial banks for LIG and MIG sector) and Punjab National Bank for extending home loans and MSME loans, and with Standard Chartered Bank (one of the leading foreign banks in India) for extending credit to MSME loans.


Dinesh Kumar Khara, SBI Chairman said, ”We are glad to have joined hands with the HFCs under the co-lending program. This collaboration will enhance our distribution network, as we aim to extend our credit reach to more Home Loan borrowers of the unserved and underserved segments. Such partnerships align with our commitment to accelerate effective and affordable credit to small home buyers in India and contribute to the vision of “Housing for All by 2024”.


Speaking on the new arrangement, Monu Ratra, CEO & ED at IIFL HFL said, “It’s our pleasure to be associated with State Bank of India, as we are looking forward to further strengthening our foothold in the affordable home space with co-lending. With this association, we target to align our goals with the Government’s agenda of improving the flow of credit and make funds available to the ultimate beneficiary at an affordable cost”.
-
News1 day ago
Godrej Group’s Anamudi Real Estates Acquires ₹80.83-Cr Land Parcel in Juhu
-
News2 days ago
BL Kashyap & Sons Reports Standalone Revenue of ₹247.14 Crore in Q3 of FY25
-
News2 days ago
Sushma Group’s Luxury Housing Project in Solan Vally Secures RERA Approval
-
News2 days ago
MHADA To Conduct 9th Lokshahi Din for Public Grievance Redressal on February 10
-
News2 days ago
MHADA Nashik Board Opens Online Applications for 493 Affordable Homes
-
News3 days ago
Raymond Limited To develop Second Residential Project in Mahim West, Mumbai
-
News3 days ago
Goodluck India Net Profit up 26% in Q3FY25 on Demand, Increased Share of Value-Added Offerings
-
News3 days ago
India Shelter Reports 36% YoY AUM Growth and 54% Surge in PAT in Q3FY25