SBI signs co-lending pact with 5 HFCs for advancing home loans
The Hindu
Mumbai
State Bank of India (SBI) said it had entered into a co-lending agreement with 5 housing finance companies (HFCs) for advancing home loans. The arrangement with PNB Housing Finance Ltd., IIFL Home Finance Ltd., Shriram Housing Finance Ltd., Edelweiss Housing Finance Ltd., and Capri Global Housing Finance Ltd., would help sanction home loans to the unserved and underserved sector in line with RBI guidelines, the lender said.
“Shortage in affordable housing continues to be a major concern for India, especially for the economically weaker sections (EWS) and the Informal sections of society. To further improve penetration in this segment, SBI is actively looking at co-lending opportunities with multiple HFCs,” the bank said in a statement.
“This collaboration will enhance our distribution network, as we aim to extend our credit reach to more home loan borrowers of the unserved and underserved segments,” said Chairman Dinesh Khara.
“Such partnerships align with our commitment to accelerate effective and affordable credit to small home buyers in India and contribute to the vision of Housing for All by 2024,” he said.
RBI had issued guidelines on the co-lending scheme for banks and HFCs/NBFCs for priority sector lending to improve the flow of credit to the unserved and underserved sectors of the economy and make funds available to borrowers at an affordable cost.
The objective of the co-lending model is to give the borrower the best interest rate and better reach, according to the lender.
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