home loans: IIFL Home Fin aims Rs 7,200 cr green, affordable home loans with ADB in Telangana, Andhra by 2025

IIFL Home Finance in association with the Asian Development Bank will further promote green affordable housing in Andhra Pradesh and Telanganaaiming at home loans worth Rs 7,200 crore by 2025. The move is aimed at spreading awareness about building climate-resilient housing that also saves cost and energy, IIFL Home Finance said in a release on Friday.

The company said with a total disbursement of Rs 2,448 crore in these two states, it benefitted over 17,000 households as on March 31, 2022.

The digital-first home finance company organized the 9th chapter of its flagship event Kutumb; ‘Andhra Pradesh & Telangana – Urgent need for green affordable housing’ — the 3rd event in collaboration with the Asian Development Bank (ADB).

Kutumb is a knowledge ecosystem conceptualised by IIFL Home Finance to promote green affordable housing in India for better understanding of green design, rating and financing options available.

With over 85 branches in Andhra Pradesh and Telangana, IIFL Home Finance has disbursed a total loan of over Rs 2,448 crore in these two states till March 31, 2022 (over Rs 1,491 crore in Telangana and over Rs 956 crore in Andhra Pradesh).

“With our mission, in line with government’s mission of ‘housing for all’ in all parts of Andhra Pradesh and Telangana, IIFL Home Finance intends to expand itself in tier 3 and 4 markets,” it said.

The company said it aims to target over Rs 7,200 crore home loan disbursements by 2025 in Andhra Pradesh and Telangana (over Rs 4,320 in Andhra Pradesh and Rs 2,880 in Telangana).

The company has funded over 645 Beneficiary-Led Construction (BLC) units with over Rs 12 crore loan disbursement in Andhra Pradesh.

BLC is a centrally-sponsored scheme to provide assistance of up to Rs 1.5 lakh per house to individual eligible families belonging to economically weaker sections to either construct new house or to enhance existing houses on their own.

Monu Ratra, ED and CEO, IIFL Home Finance, said: “We at IIFL Home Finance believe that we owe to affordable housing customers more, beyond just financial assistance, which is to provide them habitation which is sustainable and ecologically healthier.

“In continuation of the same endeavour, we have Kutumb, a knowledge ecosystem which shall spark a sustainable housing revolution.”

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