These five housing finance companies (HFCs) include PNB Housing Finance, IIFL Home Finance, Shriram Housing Finance, Edelweiss Housing Finance and Capri Global Housing Finance.
SBI ties-up with 5 Housing Finance Companies: It is everyone’s dream to buy their own house, but many times common people have to face many difficulties in getting home loan for the same. In this regard, there is a good news for the common people. The country’s largest bank, State Bank of India (SBI) has entered into a co-lending agreement with five housing finance companies. SBI announced this today, on Thursday. According to SBI, the benefit of this agreement will be given to those borrowers who have either not reached this facility till now or are underserved & unserved.
These are the five HFCs involved
These five housing finance companies (HFCs) include PNB Housing Finance, IIFL Home Finance, Shriram Housing Finance, Edelweiss Housing Finance and Capri Global Housing Finance. SBI said that the purpose of this partnership is that the home loan of the people of unserved and underserved sector should be approved as per the guidelines of RBI.
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Affordable housing shortage a matter of concern: SBI
SBI said in a release that the lack of affordable housing is a major concern for India. Especially, the Economically Weaker Section (EWS) and the in-formal section of the society have to face more problems in this. To do better in this segment, SBI is actively exploring co-lending opportunities with several HFCs.
they will benefit
SBI Chairman Dinesh Khara said, “This collaboration will enhance our distribution network as we aim to expand our services to home loan borrowers in the unserved and underserved segments. Such partnerships will enable small home buyers in India to get effective and affordable home loans at a faster rate.”
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RBI had issued guidelines
RBI had issued guidelines on co-lending scheme for banks and HFCs/NBFCs for priority sector lending. So that people in the unserved and underserved sectors of the economy can easily get loans and funds can be made available to the borrowers at an affordable cost. It said that the objective of the co-lending model is to provide the best interest rate and better accessibility to the borrowers.
(Input-PTI)
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