Indiabulls Housing Finance (IBHFL) has raised USD 150 million from Qatar National Bank Group (QNB Group) under the ECB for low cost & affordable housing. This is consistent with IBHFL's thrust on home loans up to Rs 25 lacs for affordable housing.
This funding completes the drawdown of entire amount of USD 200 million USD ECB under RBI's approval window. With this funding, IBHFL has added another marquee International Lender to its already diversified lender base. The relationship between India’s premier housing finance company and the foremost financial institution in the Gulf also reflects the growing economic relationship between India and Qatar.
"Financing through ECB has allowed us to raise USD 200 million which strongly reflects the liability franchise strength. IBHFL is committed to the cause of affordable housing with the average ticket size of our home loans being Rs 24 lacs. We believe that organizations such as ours should be at the forefront of driving the 'Housing for all by 2022' agenda of the Government of India. This is the first time IBHFL has raised funds through QNB Group allowing us to diversify our borrowing portfolio. We hope to continue & maintain this relationship with them over years to come," said Gagan Banga, vice chariman & managing director, IBHFL.
