New Delhi [India], July 13 : IIFL Home Finance Limited (IIFL HFL), a leading housing finance company focussed on the affordable housing segment, has secured a USD 100 million (in equivalent Indian rupee) financing from the Asian Infrastructure Investment Bank (AIIB), it said in a statement.
IIFL Home Finance said the AIIB funding will significantly enhance access to affordable housing finance for economically weaker sections and lower income groups (EWS/LIG), while also promoting the adoption of green building standards across the housing sector.
With this finance facility, IIFL HFL will strengthen its ability to serve both the demand and supply sides of India's affordable housing ecosystem.
On the demand side, IIFL HFL will extend home loans to families, primarily from EWS and LIG segments, to purchase or construct their own homes in urban and semi-urban locations.
On the supply side, the company will finance affordable housing developers, with a focused thrust on projects that integrate green certification standards, helping reduce the environmental footprint and enhance sustainability.
Monu Ratra, ED and CEO, IIFL Home Finance, said: "The funding from AIIB marks a significant step in our journey to expand homeownership opportunities for underserved families across the country. This will also bolster our efforts to develop and finance green affordable housing, making sustainable living more accessible. We are honoured to collaborate with AIIB in delivering inclusive and environmentally conscious housing solutions."
Gregory Liu, Director General of AIIB's Financial Institutions and Funds Clients Department, Global, added: "This investment reflects AIIB's commitment to inclusive and sustainable infrastructure. By partnering with IIFL HFL, AIIB is helping to advance India's green building agenda while bridging the housing gap for low-income families in India."
AIIB began operations in 2016, now has 110 approved members worldwide, is capitalized at USD 100 billion, and is AAA-rated by major international credit rating agencies.