IIFL Home Finance, a subsidiary of IIFL Finance, has aligned with Central Bank of India to offer loans to customers under the LIG and MIG categories. The company has entered into a MoU with the bank in this regard. It expects to grow its loan book by 18% with this tie-up. The loan sourcing and servicing will be managed by IIFL Home Finance and 80% of the loans will be provided by Central Bank of India. IIFL Home Finance will service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing. With this collaboration, the company hopes to strengthen its presence in Telangana, Gujarat, Maharashtra and Karnataka. Monu Ratra, MD and CEO, IIFL Home Finance, said the collaboration will reinforce the company’s strategy and objective of increasing its reach in the affordable housing segment, target untapped customers and thereby grow its book significantly under the co-lending mechanism. He added the company will now be able to provide more affordable home loans to first time home buyers at competitive prices and thereby also help in the revival of the market.
