IIFL Home Finance raises Rs 1,000 cr from NHB

IIFL Holdings announced Tuesday that its subsidiary IIFL Home Finance has raised Rs 1,000 crore from the National Housing Bank (NHB).

IIFL Home Finance raises Rs 1,000 cr from NHB
IIFL Holdings is a leading player in the Indian financial services space. Image courtesy: Reuters
By PTI
Updated: Wed, Oct 17, 2018
11:37 am
PTI
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Mumbai: IIFL Holdings announced Tuesday 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.

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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.