IIFL HFL has signed a $68 million loan agreement with ADB to improve financial access to affordable green housing for lower-income groups in India. The funding involves a direct ADB loan of up to $58 million and a $10 million concessional loan by the Canadian Climate Fund for the Private Sector in Asia (CFPS). Out of the total ADB‘s loan, 80 per cent will be earmarked for lending to women borrowers or co-borrowers and 20 per cent will be allocated to financing mortgages for green-certified homes. The CFPS loan will support IIFL HFL‘s green housing portfolio, specifically towards incentivizing developers to adopt green certification standards in building affordable housing.
MD & CEO, IIFL HFL, Monu Ratra, informed that funding from ADB will help the company to improve penetration of green affordable housing in deeper markets of India and fulfil the dreams of many Indian families to own their own homes. By leveraging IIFL HFL‘s focus on financial inclusion and CPFS‘ leadership on climate resilient housing, ADB can help low-income communities to manage the impacts of climate change.