A Memorandum of Understanding (MoU) was signed between IPPB and HDFC Ltd for a strategic alliance on Monday. IPPB Managing Director J Venkataramu said access to credit is essential for financial inclusion, as no bank or financial institution offers home loans to a significant segment of customers.
New Delhi. India Post Payments Bank (IPPB) and HDFC have entered into a strategic partnership to offer home loans to around 47 million customers of Payments Bank. HDFC said in a statement that with its nationwide network of 650 branches and over 1.36 lakh banking access points (post offices), IPPB aims to make HDFC’s home loan products available to its customers across India.
IPPB partners with HDFC
A Memorandum of Understanding (MoU) was signed between IPPB and HDFC Ltd on Monday for a strategic alliance. IPPB Managing Director J Venkataramu said access to credit is essential for financial inclusion, as no bank or financial institution offers home loans to a significant segment of customers.
HDFC Managing Director Renu Sood Karnad said that in line with the vision of Prime Minister Narendra Modi, this association will go a long way towards providing affordable housing to all.
Postmen and Dak Sevaks will distribute loans
HDFC has said in its statement that through this partnership, about 1.90 lakh postmen and Gramin Dak Sevaks, providing services of India Payments Bank, will now also offer loans for homes. Under the partnership, people of those areas will also be able to get home loans easily, where there are no facilities of banks yet. As per the MoU, HDFC will handle the credit, technical and legal appraisal, processing and disbursement while the payments bank will handle the loan mobilization.
HDFC is offering this offer
HDFC has cut home loan rates in view of the festive season. The bank has announced to give home loan to the customers at an initial interest rate of 6.70 percent per annum. These interest rates are applicable from 20 September 2021, which will remain till 31 October 2021.
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