IIFL Home Finance Ltd Signs Agreement With Asian Development Bank

Agreement for Technical Assistance of $1 million for supporting the green building ecosystem in the affordable housing sector in India

Asian Development Bank’s First Private Sector Agreement in India

Bengaluru 14th, August 2021: New Delhi: IIFL Home Finance (IIFL HFL), one of India’s leading housing finance company, has signed an agreement with the Asian Development Bank (ADB) for Technical Assistance (TA) to support and foster the green building ecosystem in the affordable housing sector in India. This is ADBs first such private sector agreement in the country.

Thee cost of the activities to be exercised under this TA agreement is approximately $1 million, enabling activities addressing some of the key identified obstacles for building the ecosystem for green certified and affordable housing in India. IIFL HFL shall also contribute an additional amount of up to $150,000, for supporting the above mentioned activities and objectives as described in the TA agreement.

Speaking on the association, Mr. Monu Ratra, ED & CEO - IIFL Home Finance Limited, said, “We look forward to this association with the Asian Development Bank and intend to work towards our common and established goal of sustainable ecosystem, sparking a green affordable housing movement in the country. This initiative will integrate green lending and climate adaptation strategies in the context of affordable housing in India.”

IIFL HFL, through selected independent special consultants and with their Green Value Partners (certified Green Architects), will coordinate, support, direct and monitor the activities under the TA programme through its expertise and knowledge so as to achieve the desired outcome as envisaged.

Activities under the TA include:

1.    Promotional Activities: Organizing knowledge programmes for increasing awareness among affordable housing developers, and other stakeholders regarding the climate risk mitigation and adaptation benefits to promote adoption of green certified housing standards in the affordable housing segment.

2.    Capacity Building: Organizing training sessions for IIFL HFL’s technical team, staff of state housing boards and housing developers staff on subjects such as site risk assessment, climate adaptation measures and green certification process for climate resilient buildings.

3.    Research and Innovation: Undertaking market research initiatives across the entire value chain of climate resilient green housing including

a)    assessing current awareness of prospective buyers and developers and establishing a baseline of consumer understanding

b)    formulating a unified green building ratings system to encompass tailored adaptations to the local climate zones of various regions across India

c)    establishing a system to integrate green lending and climate adaptation strategies in the context of affordable housing

IIFL HFL has already been propagating green affordable housing in India through its platform ‘Kutumb’, which is a green building initiative addressing the affordable housing projects regarding issues relating to financing, technical know-how of green construction and certification, and ESG compliance.

About IIFL Home Finance:

Incorporated in 2006 and registered in 2009 with National Housing Bank (NHB), IIFL Home Finance Limited is a wholly-owned subsidiary of IIFL Finance Limited. Through their affordable home loans, IIFL Home Finance makes people's aspirations a reality.

As one of the country's leading fintech housing finance companies, IIFL HFL is well-positioned with end-to-end digitized processes, in-house competencies, and customer centricity at its core. IIFL HFL leverages technology, being able to on-board and give loan decision to almost 100% home loan applications, within 25 minutes, through it’s digital tablet based application, enabling enhanced customer experience

The company’s comprehensive product suite includes small ticket size home loans, secured business loans and affordable housing project loans. With the group network of over 2,500 touch points, efficient technology-led operations and transparent processes, IIFL HFL is well-placed to serve the housing finance needs of marginalized sections of the society. With robust asset quality, ethical business approach and responsible social and environmental practices, the company continues to deliver the best-in-class customer experience.