On 26th October, India Post Payments Bank (IPPB) entered into an agreement with HDFC Limited. India’s leading housing finance company is providing home loans to about 47 million customers.
Using a nationwide network of 650 branches and more than 136,000 banking access points (post offices), Post Payments Bank (IPPB) aims to make HDFC’s home loan products and its expertise available to customers across India.
According to the Statement of Post Payments Bank (IPPB), The partnership aims to bring HDFC home loan products to customers, especially those in bankless and disadvantaged areas, many of whom have little or no access to money, fulfilling their dream of owning a home.
What HDFC Ltd say on offering Home Loan?
According to the official report of HDFC, “The goal of the partnership is to facilitate HDFC home loans to customers, low-service areas where many of them have little or no access to money, fulfilling their dream of owning a home.”
India Post Payments Bank (IPPB) says they will provide home loans through about 190000 banking service providers (rural postal workers and Urban Postal Workers).
What MoU say on this Tie up?
According to the Memorandum of Understanding (MoU), credit, technical and legal evaluation, processing, and distribution for all home loans will be handled by HDFC Limited and IPPB will be responsible for sourcing the loan.
Data Report from HDFC
During Pandemic, HDFC has launched a number of digital initiatives to reach home buyers. They say more than 88% of new home loan applications have been registered and accepted through digital channels. In addition, HDFC’s website is available in seven languages when customers interact in their local language with ease in mind, according to a press release.
Data Report from Post Payments Bank (IPPB)
The CEO and MD of India Post Payments Bank (IPPB), J Venkatramu, said, “Financial inclusion cannot be achieved without enabling credit access. A significant portion of our customers does not have a bank or financial institution providing housing loans in their vicinity. Complemented by HDFC’s leadership in our strong network and housing finance market, the Alliance’s goal is to make housing loans readily available and accessible using a digital-enabled agent banking channel and to make IPPB a one-stop platform for all banking needs of customers.”
Under Pradhan Mantri Awas Yojana(PMAY), HDFC has more than 250000 beneficiaries, with a growing disbursement of Rs 43000 crore and a subsidy of Rs. 5800 crores as of June 30.
HDFC is one of the leading organizations in assisting the beneficiaries of the CLSS project. According to a press release, HDFC was the first organization to surpass two lakh beneficiaries under CLSS in September 2020.
Since its establishment, IPPB has launched a range of unique and innovative banking products and services to meet the needs and requirements of different customer segments and enable easy digital adoption up to the last mile through a supportive banking model.
By the way, Some of IPPB’s featured services include Digital Life Certificate (Aadhaar Proof), Mobile Number Update, Debit Card, Aadhaar Enabled Payment System Services, and Dak Pay UPI App.
Disclaimer: This is information about the HDFC, India Post Payments Bank(IPPB’s) tie up to offer home loans. Before applying for a home loan, read carefully all the terms and conditions. Reference : PTI