IIFL Home Finance Ltd disbursed loans over ₹ 2500crore, as on 30 September, 2021
Growth of 12% year on year, disbursed loans worth Rs. 2500crore
Mumbai, November 29, 2021: IIFL Home Finance Ltd., a subsidiary of IIFL Finance Limited, reported loan book growth of 19% percent to ₹15,320.99 crores in the second quarter of the fiscal as against ₹12,892.74 crore a year ago. Additionally, the company’s profit after tax grew by 70% year on year to ₹ 284.02 crores by the half year ending on 30th September 2021.
The company also reported a stable net NPA at 1.40 % with a provision coverage ratio of 125.52%.
IIFL HFL also signed agreements with banks such as Punjab National Bank (India's second largest public sector bank), ICICI Bank (second-largest private sector bank in India) for sourcing and servicing of housing loans and loan against property, Co-lending with Central Bank of India (one of India’s largest commercial banks for LIG* and MIG** sector) for home loans and Standard Chartered Bank (one of the leading foreign banks in India) for extending credit to MSME loans (loan against property). IIFL HFL has disbursed loans totaling to Rs.170 crores till date under these arrangements.
IIFL HFL also announced the launch of its new Green Home Loan product, emphasising the Green affordable housing eco-system in India. With the new product, IIFL HFL offers its new Home Loan customer an interest discount of 0.25%, if the customer applies Home Loan for a home or flat at a project pre-certified by IGBC (Gold/Platinum rating) or GRIHA (4/5 star rating). This offer is applicable for all new Home Loan customers across the country, who meet all product-related pre-requisites and conditions as defined by the company.
Mr. Monu Ratra, ED and CEO of IIFL HFL says, "We believe that there is merit in the co-lending model because it allows us to get the best rates for our retail customers. With our strength of 100% digital onboarding and the rate benefit to the customer through this co-lending model, we aim to penetrate deeper into markets and geographies with our expertise. IIFL HFL has a strong and growing footprint in non-urban locations, and as the demand for housing picks up, we are not only strengthening our reach but also propagating sustainable green housing in India through our initiative eKutumb. With the launch of Green Home Loan, we want to encourage our customers and potential home buyers to opt for a more sustainable lifestyle, starting with investing in green-certified housing.”