Union Bank of India (UBI) and Home First Finance Company India Ltd (HomeFirst) have formed a strategic co-lending partnership to provide customers with home loans at competitive interest rates.
This collaboration will enable HomeFirst to expand its product offerings to customers in the geographies where it operates while maintaining its technology-led customer-first approach. HomeFirst will originate loans in accordance with UBI’s agreed credit policy and in line with the provisions of the RBI’s co-lending model. HomeFirst will retain a minimum of 20% of the loan on its books, while UBI will retain the remaining 80%. Throughout the life cycle of the loan, HomeFirst will act as a servicing agent for the loan accounts sourced through this partnership.
Manoj Viswanathan, MD and CEO, HomeFirst said, “We are pleased to partner with Union Bank of India. We can now leverage Union Bank of India’s deposit-led franchise and complement that with our strong technology-led distribution to provide efficient home loan solutions to a wider gamut of customers. This partnership is one more step in our mission to be the fastest provider of home finance for the aspiring middle class, with ease and transparency.”
