Under the strategic tie up IIFL HFL will leverage ITCMAARS (Meta Market for Advanced Agricultural Rural Services) to address the financial requirements
FinTech BizNews Service
Mumbai, 2 October, 2024: IIFL Home Finance Limited, India's leading affordable housing finance company, has entered in a strategic tie up with ITC Ltd. This collaboration aims to address the home financing needs of farmers across the country. The partnership with Agro Business division of ITC Ltd. will create a dedicated channel for IIFL HFL, enabling underserved farmers in rural areas access a wide range of home loan services offered by the company. IIFL HFL has done an integration with ITC MAARS App (Meta Market for Advanced Agricultural Rural Services), a full-stack Agri-tech application for reaching out to the farmers and addressing their financial requirements.
The company primarily focuses on first-time homebuyers, especially those from Economically Weaker Sections (EWS) and Low-Income Groups (LIG). This integration aligns seamlessly with IIFL HFL's mission, offering a strategic advantage in streamlining home financing solutions for farmers. Under this partnership, IIFL Home Finance will offer its products and services through its extensive network of over 390 branches in tier 2, 3, and 4 markets across the country. The Company proudly serves more than 2,70,000 first time home buyers as of date and is dedicated to making home ownership accessible and affordable for all.
With implementation of Pradhan Mantri Awaas Yojana (PMAY 2.0), the push has been re-cast, infusing the sector with revived benefits. PMAY 2.0 Scheme offers a unique opportunity for homebuyers to get a home loan at subsidized interest rates. IIFL Home Finance is one of the leading housing finance companies which aims to make home loans accessible to over 10 lakh families with a disbursement of over Rs. 1 Lakh Crore projected in years ahead.
The Company till date has disbursed affordable home loans to over 72,973 credit linked subsidy scheme (CLSS) beneficiaries and over 26,222 to beneficiary-led constructions (BLC) amounting to a total home loan disbursement of Rs. 10,866 Crs.
Mr. Monu Ratra, ED and CEO, IIFL Home Finance Limited, stated, “Since inception, IIFL Home Finance has been dedicated to serving the first-time homebuyers. Our association with ITC MAARS will enhance the Company’s ability to meet the housing finance needs of country’s farmers. This partnership will enable us to support the government’s 'Housing for All' initiative, and we are committed to providing comprehensive support to such communities who often face financial challenges in building their homes. We aim to deliver tailored services and financing solutions in such remote areas, ensuring better support and accessibility.”
IIFL Home Finance Ltd hopes to maintain a growth rate of over 18% with a notable increase in the customer base. The Company has demonstrated AUM growth of over 20% over the years and clocked a growth rate of 22% for the FY-2024. Return on Equity (RoE) was reported around 17% for FY 2024 and an upwards of 18% is expected by the end of this fiscal. The Company on a year-on-year basis has demonstrated a strong growth in rural markets through their loan offerings and end to end servicing avenue.
