Asian Development Bank (ADB) and IIFL Home Finance Ltd. (IIFL HFL) initiate the policy dialogue around green affordable housing in India

Asian Development Bank (ADB) and IIFL Home Finance Ltd. (IIFL HFL) initiate the policy dialogue around green affordable housing in India

• ADB signed a USD 68 Million Loan with IIFL HFL to boost green affordable housing in India

• The funding comprises of a direct ADB loan of up to USD 58 million and a USD10 million concessional loan by the Canadian Climate Fund for the Private Sector in Asia (CFPS)

• IIFL HFL has served more than 265,500 customers

• IIFL HFL has facilitated a credit-linked subsidy of more than Rs 1300 crore to over 55,000 households under PMAY (U)

Delhi, 2nd December 2022: Asian Development Bank (ADB) and IIFL Home Finance Ltd. (IIFL HFL), India’s fastest growing digital first home finance company, organised ‘Kutumb’ event in Delhi discussing scope around green affordable housing in India. They launched ‘Kutumb’ on December 2, 2022, with an event titled ‘Green Affordable Housing Ecosystem’ in Delhi.

The event focused on insights based on promotion and propagation of Green Affordable Housing in India, the perspective opportunity of making green affordable housing accessible to all. This required capacity building to empower stakeholders involved at various levels supported by research and innovation to contribute to the dialogue.

In February 2022, IIFL HFL signed a USD 68 million loan with ADB to improve financial access of affordable green housing for economically weaker section and lower- income groups in India.

To accelerate initiatives that improve access to green affordable housing for meeting the targets of Sustainable Development Goals 2030, it is important to actively pursue issues related to climate resilience, sustainability-orientated thinking and the achievement of gender-balance as fundamental approaches to development. Additionally, there is a need to address market constraints around a lack of awareness around green home.

The event was graced by many dignitaries, including Shri. Kuldip Narayan (IAS, Joint Secretary & Mission Director PMAY(U)), Mr. Takeo Konishii (Country Director, Asian Development Bank, India Resident Mission), Mr. Monu Ratra (ED & CEO, IIFL Home Finance Ltd), Shri Rahul Bhave (Executive Director, National Housing Bank), Susan Olsen (Unit Head, Private Sector, Financial Institutions Division, Unit for South Asia, Asian Development Bank), Mr. Saurabh Diddi (Director, Bureau of Energy Efficiency), Mr. Rajan Rawal (Senior Advisor, Centre for Advanced Research in Building Science and Energy (CARBSE) |CRDF, Professor, CEPT University) and Ar. Ashok B Lall (Principal Architect, A B Lal Architects) and Mr. Sean Kidney (CEO, Climate Bonds Initiative) who joined the event virtually.

At the event, Monu Ratra (ED and CEO, IIFL Home Finance Ltd) said, “TA programme in collaboration with ADB has shown great progress to gain insights on green affordable housing in India. We are putting together our observations and learnings from the various facets of the programme. The outcome from the activities within the TA are of great relevance, considering the pertinent need of affordable green housing in India. We partnered with ADB and CEPT for the TA programme and are thankful to them for making the entire process a great success.”

Kutumb endeavours to promote green, sustainable, future-ready and affordable housing by actively collaborating and consulting with developers, architects and rating agencies. The programme focuses on mainstreaming green and affordable housing in India.

Moreover, the policies need to focus on affordability of green housing and construction of green buildings. Kutumb focuses on bringing all the relevant influencers together to deliberate on addressing the existing gaps and finding ways for convergence between the various aspects and stakeholders of the green housing movement.

The event was also live streamed on YouTube and later available as recording on the same platform. Click here for the event link:  https://www.youtube.com/watch?v=SJx8tp7Vspo

To know more about Kutumb, https://www.iiflhomeloans.com/Kutumb

For news and updates, visit  https://www.iiflhomeloans.com and follow us on twitter at https://twitter.com/IIFLHomeLoan

For media queries, write to corpcom.hfc@iifl.com

About IIFL HFL

IIFL Home Finance Limited (IIFL HFL) is a subsidiary of IIFL Finance Limited. It is one of India’s leading housing finance companies and is a preferred choice for affordable home loan requirements. As of 31st March 2022, the AUM stood at Rs 23,617 crore of which home loan is 74% of the total with an average ticket size of Rs 16 lakh. The Return on Assets (ROA) for the period is at 3.5%. Through affordable home loans, IIFL HFL makes people’s aspirations of owning a home a reality, while emphasizing on supporting green buildings and projects that help society achieve inclusive sustainable development. The objective is to fulfil economic upliftment for EWS/LIG segments of the country. The company has adopted an asset light model by getting into co-lending arrangements that further helps to penetrate and expand in deeper markets of India. To facilitate a seamless customer experience, the entire life cycle of housing loans is technology driven i.e., from origination to closure. The state-of-the-art IT infrastructure helps in reducing costs, real-time analysis of customer data, improving control and underwriting functions, while increasing customer reach and distribution capability.