LIC Housing Finance Partners with India Post Payments Bank to Offer Home Loans

India Post Payments Bank (IPPB) and LIC Housing Finance on 7th September announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB, the companies said in a statement. Through its robust and extensive network of 650 branches

BY Realty Plus
Published - Thursday, 09 Sep, 2021

LIC Housing Finance Partners with India Post Payments Bank to Offer Home Loans

India Post Payments Bank (IPPB) and LIC Housing Finance on 7th September announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB, the companies said in a statement. Through its robust and extensive network of 650 branches and more than 136,000 banking access points, IPPB will make LICHFL’s home loan products accessible to its customer’s pan-India. “As part of the Memorandum of Understanding (MoU), credit underwriting, processing, and disbursement for all home loans will be handled by LICHFL with IPPB responsible for sourcing," the companies said. The alliance with LICHFL is part of IPPB’s strategy to expand its range of products and services, and to cater to the banking and financial needs of diverse customers, especially unbanked and underserved, across the country. IPPB is distributing various general and life insurance products through partnerships with leading insurance companies, and credit products is a natural extension for the customers at the last mile. IPPB’s on-ground workforce of nearly 200,000 postal employees (Postmen and Gramin Dak Sevaks) equipped with microATMs and biometric devices through its innovative Doorstep Banking Service will play a significant role in offering LICHFL’s housing loans. LIC Housing Finance offers home loan starting from 6.66% for loans up to ?50 lakh for salaried individuals. The rate of interest offered is linked to the borrower’s creditworthiness, as reflected by their CIBIL scores.