New Delhi [India], the Asian Development Bank (ADB) signed a non-convertible debenture financing agreement worth $60 million, disbursing $30 million to Aadhar Housing Finance Limited (AHFL) to provide housing loans to women and address funding shortages in low-income countries. -Affordable and income housing segment in India.
According to a statement, half of the funds will be deployed in Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh and West Bengal.
ADB Director General for Private Sector Operations Suzanne Gaboury highlighted that poor households often have difficulty meeting bank loan requirements and typically finance their homes through savings, loans from family or friends, or from high-rate lenders. interest rates. Women, in particular, face greater challenges in accessing formal financing. Gaboury emphasized that companies like AHFL serve these communities with customized products, and ADB's support will enhance AHFL's ability to reach more underserved families seeking homeownership.
Reacting to the development, Rishi Anand, CEO, AHFL, said, “The partnership with ADB is another step in creating a stronger network of low-income homeownership, helping to fulfill the aspirations of the economically weaker sections.” . of the society."
"AHFL aims to increase financial penetration by focusing on increasing our mortgage market share of the low-income housing segment in India and continuing to focus on the salaried and self-employed categories of the economically weaker and low-to-middle income segments of India.
AHFL is an Indian housing finance company focused on the low-income housing segment, with loans of less than 1.5 million Indian rupees (around US$17,976), the company says.
According to the statement, the company targets low-income borrowers and offers loans with an average amount of 900,000 Indian rupees (around $10,875) through its network of 471 branches across 20 states and union territories starting in September. of 2023.
The ADB prioritizes projects on basic services, critical infrastructure and services, institutional strength, and private sector development through sovereign operations in low-income states. Founded in 1966, the ADB is owned by 68 members, including 49 from the region.
According to a statement, half of the funds will be deployed in Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh and West Bengal.
ADB Director General for Private Sector Operations Suzanne Gaboury highlighted that poor households often have difficulty meeting bank loan requirements and typically finance their homes through savings, loans from family or friends, or from high-rate lenders. interest rates. Women, in particular, face greater challenges in accessing formal financing. Gaboury emphasized that companies like AHFL serve these communities with customized products, and ADB's support will enhance AHFL's ability to reach more underserved families seeking homeownership.
Reacting to the development, Rishi Anand, CEO, AHFL, said, “The partnership with ADB is another step in creating a stronger network of low-income homeownership, helping to fulfill the aspirations of the economically weaker sections.” . of the society."
"AHFL aims to increase financial penetration by focusing on increasing our mortgage market share of the low-income housing segment in India and continuing to focus on the salaried and self-employed categories of the economically weaker and low-to-middle income segments of India.
AHFL is an Indian housing finance company focused on the low-income housing segment, with loans of less than 1.5 million Indian rupees (around US$17,976), the company says.
According to the statement, the company targets low-income borrowers and offers loans with an average amount of 900,000 Indian rupees (around $10,875) through its network of 471 branches across 20 states and union territories starting in September. of 2023.
The ADB prioritizes projects on basic services, critical infrastructure and services, institutional strength, and private sector development through sovereign operations in low-income states. Founded in 1966, the ADB is owned by 68 members, including 49 from the region.
