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Mortgage lender HDFC Ltd and India Post Payments Bank (IPPB) have entered into a strategic alliance to offer home loans to nearly 4.7 crore customers of IPPB.
“Leveraging its extensive and robust country-wide network of 650 branches and over 1,36,000 banking access points (post offices), IPPB aims to make HDFC Ltd’s home loan products and its expertise available to its customers across India,” the two said in a statement on Tuesday.
The partnership aims to facilitate HDFC Ltd’s home loans to customers, especially in unbanked and underserved areas. IPPB will offer housing loans through nearly 1,90,000 banking service providers including postmen and Gramin Dak Sevaks.
J Venkatramu, Managing Director and CEO, IPPB said, “Complemented by our robust network and HDFC’s leadership in the housing finance market, the alliance aims to make housing loans available and accessible, using a digitally-enabled agent banking channel and position IPPB as a one-stop platform for all banking needs of customers, including credit.”
As per the MoU, credit, technical and legal appraisals, processing, and disbursement for all home loans will be handled by HDFC Ltd, while IPPB will be responsible for sourcing of loans.
Renu Sud Karnad, Managing Director, HDFC Ltd said, “IPPB has a strong presence across the country. This strategic alliance will go a long way to promote affordable housing in the remotest locations of our country.”
She further noted that housing is much more affordable today. “In the last couple of years, property prices have more or less remained the same in major pockets across the country while income levels have gone up. Record low-interest rates, subsidies under Pradhan Mantri Awas Yojana and the tax benefits have also helped,” she said.