MUMBAI: IIFL Holdings announced that its subsidiary IIFL Home Finance has raised Rs 1,000 crore from the National Housing Bank (NHB). IIFL Home Finance has raised another USD 50 million from State Bank of India through External Commercial Borrowing (ECB) route.
In a release, IIFL further said that IIFL Home Finance is one of the first borrowers under the Reserve Bank of India’s revised norms for ECB through automatic route.
“This not only provides liquidity but also enhances our asset liability management position as these facilities are for a period of 5-15 years,” said Monu Ratra, CEO and Executive Director at IIFL Home Finance.
These funds, Ratra added would help IIFL Home Finance to bolster its ever growing loan demand in the affordable housing segment.
IIFL Holdings is a leading player in the Indian financial services space.
Source: Press Trust of India