IIFL Home Finance Ltd (IIFLHFL), a digital first home finance company, has secured a $50 million loan from US International Development Finance Corporation (DFC). The proceeds of the loan will be used to finance affordable home loans with a special focus on sustainable housing.
IIFLHFL caters to the diverse financial needs of the economically weaker sections (EWS) and lower income groups (LIG) through its pan India distribution network across Tier 1, 2, 3 and 4 cities and towns.
As of March 31, 2023, it has fulfilled the home ownership dream of nearly 1 lakh customers in the informal income segment and has served over 213,700 first time homeowners.
Housing for All
Also, IIFLHFL has facilitated subsidy of over ₹ 1,750 crore to more than 73,000 first time homeowners, CLSS-PMAY (U) beneficiaries, aligning with the Government of India’s mission of ‘Housing for All’.
“We are happy to receive this facility from DFC which shall further our mission of ‘Housing For All’,” said Monu Ratra, ED and CEO, IIFLHFL.
James Polan, Vice President of DFC’s Office of Development Credit, said DFC is proud to work alongside innovative partners like IIFL Home Finance Ltd to support inclusive lending in India.
“This transaction will generate enormous benefits for the people of India by expanding access to housing finance and providing financial support for growing small businesses,” Polan said.