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IIFL Home Loan Aims To Achieve Housing For All By 2022

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In a bid to inch closer to fulfill  Housing for All by 2022, IIFL Home Finance has garnered Rs 300 crore from state-owned Syndicate Bank

IIFL Home Finance, a unit of the IIFL group, has got Rs 300 crore from state-owned Syndicate Bank in what will likely be the first flows from the liquidity

tap the Reserve Bank of India (RBI) recently turned on to make cash readily available to non-bank lenders.

In the revised on-lending policy, the central

bank has said that “on-lending” by NBFCs/housing finance companies toward agriculture, micro and small enterprises (MSEs) and housing sectors can be

classified as priority sector lending (PSL) by banks.

“We have extended such credit to IIFL Home,” said Mrutyunjay Mahapatra, MD & CEO, Syndicate Bank confirming the matter. “Lending to IIFL Home marks the first under the new RBI policy.”

IIFL Home Finance, a direct subsidiary of IIFL Finance, funds low-cost housing, a focus area for the government that aims to attain “Housing for All by 2022”. This credit line will help the company lend to small businessmen in the MSME segment. It also lends against property to smaller companies.

“Looking at the recent market scenario, this will improve the cash flow in the sector,” said Monu Ratra, chief executive officer, IIFL Home Finance Ltd.

“More than 75 percent of our retail loans qualify for PSL and this will be our way of business for

the future too,” he said. 

RBI has also raised the limit of home loans under PSL to Rs 20 lakh per borrower from Rs 10 lakh. IIFL Home Finance has helped more than 30,000 families avail benefits under different government programs. For example, the company has, to date, disbursed loans to more than 19,000 customers under the Swaraj Home Loan program for the informal segment.

IIFL Finance was constituted by the restructuring of IIFL Holdings, resulting in three verticals – IIFL Finance, IIFL Wealth, and IIFL Securities. The promoter group, led by chairman Nirmal Jain, holds 29 percent in IIFL Finance, and Canadian billionaire Prem Watsa’s Fairfax owns an additional 26.5 percent.

Source: Economic Times

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

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