India Post Payments Bank (IPPB) and HDFC Ltd. have entered into an agreement to offer home loans to about 4.7 crore customers of IPPB. “The partnership aims to facilitate HDFC Ltd.’s home loans to customers, especially in unbanked and underserved areas with many of them having little or no access to finance, to fulfil their dream of owning a home,” HDFC said in a statement.
IPPB will offer housing loans through nearly 1,90,000 banking service providers (postmen and gramin dak sevaks). 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.
J. Venkatramu, MD & CEO, IPPB, said, “This 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.”
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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.”