IIFL Home Finance inks co-lending pact with PNB

#Business, #Companies, #IIFL Home Finance, #PNB, Punjab National Bank

This public sector bank’s home loan offering figures in the list of five lowest interest rates on offer at the moment. It charges an interest rate of 6.8 percent, which means the borrowers will have to pay an EMI of Rs 57,250. Indian Bank, too, offer the same interest rate.

IIFL Home Finance Ltd on Friday said it has entered into a co-lending arrangement with Punjab National Bank (PNB), and aims to grow its loan book by 25 per cent from such partnerships.

This is the fourth co-lending agreement signed by the company with banks, IIFL HFL said in a release.

“IIFL HFL today announced and signed an agreement with PNB, India’s 2nd largest public sector bank, for co-lending. The loan sourcing and servicing will be managed by IIFL Home Finance and 80 per cent of the loan will be provided by PNB,” it said.

IIFL HFL said it expects to grow the loan book by 25 per cent with these associations.

The company will service customers through the entire loan cycle, from sourcing, documentation, collection to loan servicing.

It aims to penetrate into affordable housing loans and secured MSME loans, besides strengthening its portfolio.

This arrangement will also help IIFL HFL offer attractive interest rates to its customers in 17 states, with a focus on Andhra Pradesh, Madhya Pradesh, Gujarat and Karnataka.

It has earlier inked co-lending pacts with ICICI Bank, Central Bank of India and Standard Chartered Bank.

IIFL HFL has disbursed loans worth Rs 170 crore till date under these arrangements, it said.

Monu Ratra, CEO & ED at IIFL HFL said it is PNB’s first co-lending arrangement.

“This will enable us to further extend our affordable home loans to many more customers and we firmly believe in this model of synergies which shall be fit for both the parties,” Ratra said.

IIFL HFL has facilitated credit linked subsidy benefits under Pradhan Mantri Awas Yojana to over 44,700 beneficiary households in 17 states, with subsidy amount totalling Rs 1,068 crore.

The company has disbursed home loans to over 1,82,000 customers till date and has an AUM of Rs 20,614 crore as on June 30, 2021.

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