IIFL signs MOU with Central Bank of India for Co-Lending
<span style="font-weight: 400;">IIFL Home Finance, a subsidiary of IIFL Finance Limited which is a NBFC registered with the Reserve Bank of India (RBI), announced their association and signed MoU with Central Bank of India, one of India’s largest commercial bank for LIG and MIG Sector lending for ho
Published -
Jun 10, 2021 4:14 AM
IIFL Home Finance, a subsidiary of IIFL Finance Limited which is a NBFC registered with the Reserve Bank of India (RBI), announced their association and signed MoU with Central Bank of India, one of India’s largest commercial bank for LIG and MIG Sector lending for home loans. IIFL HF expects to grow loan book by 18% in the coming times with this tie up. The loan sourcing and servicing will be managed by IIFL Home Finance and 80% of the loan will be provided by Central Bank. IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing. This association will significantly strengthen IIFL Home Finance Ltd.’s portfolio of lending Home Loans to larger target customers in India. The arrangement will also help IIFL Home Finance to offer more attractive interest rates to its customers. With this initiative IIFL HF expects to strengthen its presence in Telangana, Gujarat, Maharashtra and Karnataka. IIFL HFL recently facilitated distribution of CLSS subsidy benefits to over 43,000 beneficiary households under Pradhan Mantri Awas Yojana. IIFL HF facilitated subsidy benefits in 17 states, totaling over Rs.1025crore. The company has till date disbursed loans to over 1,25,000 happy families. IIFL Housing finance recently entered into co-lending arrangement with Standard Chartered Bank, one of the leading foreign Bank in India for extending credit to MSME loans (loan against property). IIFL HF has also joined hands with ICICI, second largest private sector Bank in India for affordable housing, MSME loans.