IIFL Home Finance Ltd., a subsidiary of IIFL Finance Limited, reported loan book growth of 19 percent to Rs 15,320.99 crores in the second quarter of the fiscal as against Rs 12,892.74 crore a year ago. Additionally, the company’s profit after tax grew by 70 percent year on year to Rs 284.02 crores by the half year ending on September 30, 2021.
The company also reported a stable net NPA at 1.40 percent with a provision coverage ratio of 125.52 percent.
IIFL HFL also signed agreements with banks such as Punjab National Bank ,ICICI Bank for sourcing and servicing of housing loans and loan against property; co-lending with Central Bank of India for home loans and, Standard Chartered Bank for extending credit to MSME loans (loan against property).
IIFL HFL has disbursed loans totaling to Rs.170 crores till date under these arrangements.
IIFL HFL also announced the launch of its new Green Home Loan product, emphasising the Green affordable housing eco-system in India. With the new product, IIFL HFL offers its new Home Loan customer an interest discount of 0.25 percent, if the customer applies Home Loan for a home or flat at a project pre-certified by IGBC (Gold/Platinum rating) or GRIHA (4/5 star rating). This offer is applicable for all new Home Loan customers across the country, who meet all product-related pre-requisites and conditions as defined by the company.
Monu Ratra, ED and CEO of IIFL HFL said, "We believe that there is merit in the co-lending model because it allows us to get the best rates for our retail customers. With our strength of 100 percent digital onboarding and the rate benefit to the customer through this co-lending model, we aim to penetrate deeper into markets and geographies with our expertise.”