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Former Shriram Housing Finance, Punjab & Sind Bank signs co-lending agreement to lend to affordable housing segment
October 19, 2023
In a significant development, Shriram Housing Finance Limited (SHFL) has entered into a collaborative agreement with Punjab and Sind Bank (PSB) to provide business loans to self-employed individuals against affordable homes. The partnership, operating under the co-lending model mandated by the Reserve Bank of India (RBI), will focus on the underserved market of affordable housing.
Under this arrangement, SHFL will specifically target self-employed customers seeking business loans for their properties in the affordable housing sector, with PSB as the lending partner. SHFL will handle the loan origination, processing, and servicing. Notably, SHFL has a commendable track record, having assisted over 1.5 lakh customers with affordable home loans, particularly catering to middle-income households relying on informal income sources.
Ravi Subramanian, the MD & CEO of Shriram Housing Finance, expressed enthusiasm about the collaboration, highlighting the pressing credit gap faced by the self-employed segment. He emphasized their joint efforts to address this gap, driven by the rising working population’s demand for affordable housing. Through this co-lending model, SHFL and PSB aim to tap into the growing informal and middle-income demographic, capitalizing on PSB’s financial strength and SHFL’s expertise in offering affordable home loans.
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