Debt

Debt financing

IIFL Home Finance raises $68-M from ADB

Economic Times  

Multilateral funding agency Asian Development Bank has offered USD 68 million to IIFL Home Finance for expanding footprint in the affordable and green housing segment. The funding comprises a direct ADB loan of USD 58 million and another USD 10 million concessional loan from the Canadian Climate Fund, which will be routed through ADB. The size of the loan is INR 508 crore. The blended cost of the fund comes around 8.1% a year. Of this, INR 433 crore is earmarked for lending to women borrowers or co-borrowers from low income groups with special thrust to lagging states in India, and for mortgages on green certified affordable housing units. The balance INR 75 crore is for lending to developers for the construction of green certified affordable housing units. IIFL Home Finance provides affordable home loans to economically weaker sections, low income group (LIG) and middle income group (MIG).