In order to expand its portfolio of affordable home financing, IIFL Home Finance has secured a $50 million loan from the US International Development Finance Corp (DFC). This loan will specifically target sustainable housing.
According to reports, Monu Ratra, chief executive officer of IIFL Home Finance, the fund was raised at a favourable rate of 5.72%, which includes the cost of hedging.
Its funding cost on average is 8.4%.
The deal symbolises the growing confidence that foreign investors have in India's rapidly expanding affordable housing market.
For the second time this year, the mortgage lender is increasing debt. It had obtained $68 million from the Asian Development Bank in January.
