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Housing Development Finance Corporation (HDFC) Ltd has entered into a strategic co-lending partnership with Indiabulls Housing Finance to offer housing loans to homebuyers at competitive rates.
“The participation by both the entities in extending credit facilities shall be on a sharing of risk and reward basis on mutually agreed terms,” said HDFC in a regulatory filing on Wednesday.
Noting that lndiabulls Housing Finance has a pan-India branch network and a track record of customer acquisition, HDFC said under the arrangement, lndiabulls HFL will originate and process retail home loans as per jointly formulated credit parameters and eligibility criteria.
“The Corporation will have 80 per cent of the total loan in its books, and its share of every loan will be approved by the Corporation,” it said, adding that Indiabulls HFL will service the loan account throughout the life cycle of the loan.
Technology-led co-lending is expected to help both the companies offer convenient and seamless experience to its customers as well as help expand their reach to Tier Ill and IV cities of India, HDFC further said.
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