India Post Payments Bank and HDFC offer home loans

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Under the MoU, creditworthiness, technical and legal assessments, processing and payouts are carried out by HDFC Ltd, while IPPB is responsible for procurement



PTI

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New Delhi

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Published 10/27/21 1:25 AM


India Post Payments Bank (IPPB) and HDFC have formed a strategic alliance to provide home loans to nearly 4.7 billion customers of the payment bank.

With its nationwide network of 650 branches and over 1,36,000 bank access points (post offices), IPPB aims to bring HDFC’s home loan products and expertise to its customers across India, HDFC said in a statement.

A Memorandum of Understanding (MoU) on the strategic alliance was signed between IPPB and HDFC Ltd on Monday.

“The partnership aims to facilitate HDFC’s home loans to customers, especially in unbanked and underserved areas, many of which have little or no access to finance to fulfill their dream of owning a home. IPPB will offer home loans through nearly 190,000 banking service providers (Postmen and Gramin Dak Sevaks), ”it said.

According to the MoU, credit, technical and legal assessments, processing and disbursements for all home loans will be handled by HDFC, while IPPB will be responsible for obtaining loans.

Union Bank

Union Bank said Tuesday it had lowered its mortgage rates to the minimum rate of 6.40 percent.

The reduced rate applies from October 27th.

The new rates apply to customers applying for new credits or transferring their existing credits, including balance transfers.


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