IIFL Home Finance Ltd., a subsidiary of IIFL Finance Limited, inaugurated their first full-service branch at Shivajinagar, Bangalore. The branch will cater to their existing target customers (Low-income group, High-income group and Middle income group loan applicants) by offering Home loans and secured business loans. The first full-service branch was inaugurated by Chief Guest: Mr. Shekhar H K , Senior VP at Shriram Properties. Apart from the chief guest, there were several senior IIFL HFL's officials who graced the ceremony.
So far, IIFL Home Finance has disbursed loans to 1093 households in Bangalore under the PMAY scheme, with 92% of the loans booked under priority sector lending. 98% of these homes are owned by women. The company has provided over Rs. 26 crore in subsidies to 1178 beneficiaries in Karnataka who are from the Economically Weaker Section (EWS), Low Income Group (LIG), and Middle-Income Groups (MIG).
IIFL Home Finance has disbursed loans to over 5300 happy families worth 1260 crores in Bengaluru and has witnessed 15% growth (YOY for 2 years) in their loan book and expects a 25% growth in Bengaluru by the end of the financial year. The branch in Bangalore will be fully operational and technologically equipped to assist consumers with the Pradhan Mantri Awas Yojana - Urban (PMAY-U). The company further plans to expand in other regions of Karnataka and strengthen its branch presence in the upcoming phases. These new branches will serve customers from all segments.
Speaking on the occasion Mr. Anthony James - RSM at IIFL Home Finance Ltd. said, "We are very excited to announce the launch of our first full service branch in Bengaluru. IIFL HF will maintain its commitment to offer exceptional service with its fintech solutions. We are also excited to expand our services and footprint in new regions, and we are honored to do so in Karnataka state. This is an effort to strengthen our existing customer relationships while garnering the new ones."
IIFL Housing finance has in the recent past entered into a co-lending arrangement with Standard Chartered Bank, Punjab National Bank, and Central Bank of India, India's leading PSU Banks and a leading foreign Bank in India for extending credit to MSME loans (loan against property). IIFL HF has also joined hands with ICICI Bank, the second-largest private sector bank in India for affordable housing, MSME loans. As a fintech housing finance company, IIFL Home Finance is dedicated to making its customers' journey of owning a home as seamless as possible by leveraging its future-ready technology system.
Also, as a special seasonal offer, IIFL Home Finance will provide new clients with complementary health insurance worth Rs.3 lacs for a year*. The health insurance will cover both the applicant and his or her spouse, with a maximum age of 55 years at the time of policy issuance. The offer is valid from October 1st to November 30th, 2021.
With its new product, IIFL Home Finance is also promoting a Green affordable housing eco-system in India by offering its new Home Loan customer an interest discount of 25 bps, 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.
Shares of IIFL Finance Limited was last trading in BSE at Rs. 314.05 as compared to the previous close of Rs. 325.20. The total number of shares traded during the day was 59079 in over 1977 trades.
The stock hit an intraday high of Rs. 335.00 and intraday low of 311.15. The net turnover during the day was Rs. 18851330.00.