US International Development Finance Corp provides $50 million loan to IIFL Home Finance

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IIFL Home Finance Ltd (IIFLHFL), the first digital home finance company, has secured a $50 million loan from the US International Development Finance Corporation (DFC). The loan proceeds will be used to finance affordable home equity loans with a special focus on sustainable housing.

IIFLHFL caters to the diverse financial needs of the Economically Weakest Sections (EWS) and Low Income Groups (LIG) through its distribution network across India across Tier 1, 2, 3 and 4 cities and towns.

As of 31st March 2023, it has fulfilled the dream of home ownership for around 1 lakh clients in the informal income sector and has served over 213,700 first time homeowners.

Housing for all

Also, IIFLHFL has facilitated support of over Rs 1,750 crore to over 73,000 first-time homeowners, CLSS-PMAY(U) beneficiaries, in line with the Government of India’s mission of ‘Housing for All’.

“We are delighted to receive this facility from DFC which will further our mission of ‘Housing for All’,” said Monu Ratra, Executive Director and CEO of IIFLHFL.

James Pollan, Vice President, Development Credit Bureau, DFC, said DFC is proud to be working alongside innovative partners such as IIFL Home Finance Ltd to support inclusive lending in India.

“This deal will bring enormous benefits to the people of India by expanding access to housing finance and providing financial support to growing small businesses,” said Bolan.