New Delhi, Business Desk. IIFL Home Finance has entered into an MoU (Memorandum of Understanding) with the Central Bank of India. IIFL Home Finance is a subsidiary of IIFL Finance Limited registered as an NBFC with Reserve Bank of India.
At the same time, Central Bank of India is the largest commercial bank in the country giving home loans to LIG and MIG sectors.
IIFL Home Finance expects an increase of 18 percent in the loan book in the coming times through this agreement.
A press release issued by the company said that under this agreement, loan sourcing and servicing will be done by IIF Home Finance and 80 percent of the loan will be provided by Central Bank of India.
This release states that 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 43,000 beneficiary families have got the benefit of CLSS subsidy scheme under Pradhan Mantri Awas Yojana.
With the help of IIFL Home Finance, people in 17 states have so far benefited from subsidy of more than Rs.1,025 crore.
The company has so far disbursed loans to 1,25,000 families.
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 HF has tied up with ICICI Bank, the country's second largest private sector bank, to offer home loans and MSME loans at affordable rates.
Monu Ratra, CEO & ED, Home Finance Limited said, “We are very excited to partner with Central Bank of India.
This tie-up will help further our strategy and goal of expanding our reach in the affordable housing segment, targeting new customers and thereby achieving significant growth in loan bookings under co-lending arrangements.
We understand that this pandemic has affected many people and their purchasing power.
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.
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