IIFL Home Finance Ltd, today announced and signed an agreement with the Punjab National Bank (PNB) for the co-loan. IIFL Home Finance Ltd. plans to increase its loan portfolio by 25 percent with these associations.
How it works
The sourcing and management of the loans will be handled by IIFL Home Finance and 80 percent of the loan will be provided by the Punjab National Bank.
IIFL Home Finance Ltd. will serve clients throughout the loan cycle, from procurement, documentation, collection to loan servicing.
This association will allow IIFL Home Finance to further penetrate the markets for affordable home loans and secured loans to MSMEs, and will also strengthen the IIFL HFL portfolio, he said in a press release.
The deal will also help IIFL HFL offer attractive interest rates to clients in 17 states, with a focus on Andhra Pradesh, Madhya Pradesh, Gujarat and Karnataka.
This is the fourth agreement signed by IIFL Home Finance Ltd. with other banks. Earlier this year, IIFR home Finance Ltd. has signed agreements with banks such as ICICI Bank for sourcing and servicing home loans and mortgages, co-lending with the Central Bank of India for home loans and Standard Chartered Bank for the granting of credits to MSMEs. (loan against property). The IIFL HFL has disbursed loans totaling Rs 170 crore to date under these agreements.
Monu Ratra, CEO and Managing Director of Home Finance Ltd, said: “This will allow us to further extend our affordable home loans to many more clients and we strongly believe in this model of synergies which will work for both parties. “
The agreement was signed in the presence of Shree Swarup Kumar Saha, ED – Punjab National Bank. This association will help both sides to align with the government’s reform agenda to improve credit flow and make funds available to the final beneficiary at an affordable cost.
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Posted on: Friday September 17th, 2021 12:13 IST