India Post Payments Bank (IPPB) has tied up with HDFC Limited, India’s premier housing finance company, to offer home loans to nearly 4.7 crore customers of IPPB.
Leveraging its countrywide network of 650 branches and over 136,000 banking access points (post offices), IPPB aims to make HDFC’s home loan products and its expertise available to its customers across India.
According to the HDFC, “The partnership aims to facilitate HDFC Ltd’s home loans to customers, especially in unbanked and underserved areas with many of them having little or no access to finance, to fulfil their dream of owning a home.”
IPPB will offer housing loans through nearly 190,000 banking service providers (postmen and gramin dak sevaks).
As per the MoU, credit, technical and legal appraisals, processing and disbursement for all home loans will be handled by HDFC Ltd while IPPB will be responsible for sourcing of loans.
HDFC has initiated a number of digital and online initiatives to reach out to homebuyers during the pandemic. Over 88% of new home loan applications are received through digital channels. Further, HDFC’s website is available in seven languages keeping in mind customers’ comfort while interacting in their local language, as per the press release.
J.Venkatramu, MD & CEO, India Post Payments Bank said, “Financial inclusion cannot be achieved without enabling access to credit. A significant chunk of our customers does not have a bank or a financial institution providing housing loans in their vicinity. Complemented by our robust network and HDFC’s leadership in the housing finance market, the alliance aims to make housing loans available and accessible, using a digitally-enabled agent banking channel and position IPPB as a one-stop platform for all banking needs of customers, including credit.”
Under the PMAY, HDFC has the highest number of beneficiaries at over 250,000, with cumulative disbursements of 43,000 crore and a subsidy amount of ₹5,800 crore as of June 30. HDFC remained amongst the top institutions in terms of assisting the beneficiaries who have availed of the CLSS scheme. HDFC was the first institution to cross two lacs beneficiaries under the CLSS in September 2020, as per the press release.
From its inception till date, IPPB has introduced a range of innovative and unique banking products and services catering to the needs and requirements of different customer segments and is also enabling easier digital adoption at the last mile through an assisted banking model. Some of the prominent services of IPPB include Digital Life Certificate (Jeevan Pramaan), updating mobile number in Aadhaar, Virtual Debit Card, Aadhar enabled Payment System Service, and Dak Pay UPI App.
Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!