Partnership to Finance and Sell 3,000 Affordable Homes under PMAY within Maharashtra
MUMBAI, India, March 19, 2025 /PRNewswire/ — IIFL Home Finance Ltd., India’s leading affordable home finance companies, today announced a strategic partnership with Maharashtra Housing Development Corporation Ltd. (MHDC) to promote affordable housing projects and facilitate home financing in Maharashtra. The collaboration, formalized through a Memorandum of Understanding (MoU) signed in the presence of Mr. Monu Ratra, IIFL Home Finance along with officials from MHDC, which aims to accelerate the sale of approximately 3,000 tenements under the Pradhan Mantri Awas Yojana 2.0 (PMAY 2.0) within the state.
The partnership leverages MHDC’s housing projects and IIFL HFL’s widespread experience in home financing to make homeownership more accessible to the Economically Weaker Section (EWS) and Lower Income Groups (LIG) of the society. The memorandum signed between two entities aligns with the Government of India’s vision of “Housing for All” and reinforces both organizations’ commitment to affordable housing and financial inclusion.
Mr. Monu Ratra, CEO and ED, IIFL Home Finance Ltd., comments on the partnership, “Our collaboration with MHDC marks a significant step toward making homeownership a reality for thousands of families across Maharashtra. By combining MHDC’s housing initiatives with our financial expertise and digital-first approach, we are building a robust ecosystem that supports affordable housing in the state. This partnership reflects our commitment to financial inclusion and aligns with the government’s ‘Housing for All’ initiative. Through MHDC’s extensive network, we aim to reach even the most remote corners of the state, making affordable housing more accessible and simpler for people.”
Officials at MHDC added that the partnership with IIFL Home Finance is a crucial step towards MHDC’s mission to provide quality and affordable housing to the people of Maharashtra. By integrating IIFL HFL’s financing solutions with MHDC’s housing projects, they are simplifying the path to homeownership for thousands of families. Together, they are not just building houses; they are building communities and contributing to the economic growth of the state.
By combining IIFL HFL’s financial expertise with MHDC’s deep-rooted presence in Maharashtra, this initiative is set to make a real impact on affordable housing and contribute to the state’s economic growth.
About IIFL Home Finance Ltd.
IIFL Home Finance is technology driven retail focused housing finance company with the primary focus on providing loans to first time home buyers in the economically weaker sections (“EWS”) and low-income group (“LIG”) group. We provide loans to customer in the suburbs of Tier 1 cities and Tier 2 cities and to customers residing in Tier 3 and Tier 4 cities in India where the collateral is the existing or self-occupied residential property. The Company serves salaried and self-employed customers which account for 53.18% and 46.82% of our AUM as of September 30, 2024, respectively. We have served over 4,27,048 customers as of September 30, 2024.
The Company offer customers a range of mortgage-related loan products, including (i) housing loans, for purchase of ready built residential units, under construction property by approved builders, self-construction, home improvement on pre-owned property and purchase of land for construction of residential property; (ii) secured business loans, for primarily meeting working capital requirement, business use and purchase of commercial property; and (iii) affordable housing project loans, to meet construction expenses of affordable housing projects of reputed developers. Housing loans, secured business loans and affordable housing project loans contribute 77.30%, 20.42% and 2.28% of our AUM, as at March 31, 2024, respectively and 78.48%,19.40% and 2.12% of our AUM, as at September 30, 2024, respectively.
Company’s AUM has grown at a CAGR of 22.60% from ₹23,617.37 crores as at March 31, 2022 to ₹35,498.55 crores, as at March 31, 2024. As on September 30, 2024, our AUM stands at ₹ 37,098.39 crores. As at March 31, 2024 and September 30, 2024, our Gross NPA expressed as a percentage of our AUM was 1.32% and 1.45%, respectively, and our Net NPA expressed as a percentage of our AUM was 1.02% and 1.14%, respectively. We have a widespread network of 387 branches in 18 states and 2 union territory as of September 30, 2024.
Company’s focus states include Delhi NCR, Gujarat, Andhra Pradesh, Telangana, Madhya Pradesh, Karnataka, Rajasthan, Maharashtra and Tamil Nadu. As a technology driven housing finance Company, the Company endeavours to make customer experience as seamless as possible. The approach has always been digital first and have made the entire life cycle of housing loans i.e., from origination to closure, completely digitized. The Company have also adopted technology in all our other business processes including customer service, collections, underwriting and monitoring asset quality. With strong in-house digital capabilities and efficient processes across business functions, we provide enhanced customer experience, enhanced transparency and sustainable growth.
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