ANI
05 Aug 2022, 10:25 GMT+10
New Delhi [India], August 5 (ANI): Housing finance company HDFC on Friday announced the completion of the USD 1.1 billion syndicated social loan facility for the financing of affordable housing in India.
A syndicated loan is typically a substantial loan provided to a large borrower by several lenders together.
This transaction, the lender said, marked several meaningful milestones, including India's largest social financing issuance, the largest social loan globally, the first social external commercial borrowing loan out of India and the largest ECB loan deal from a housing finance company/ private NBFC in India.
Proceeds from the social loan would go towards financing affordable housing loans, the lender said in a statement on Friday.
"Since its inception in 1977, HDFC has financed 9.5 million housing units and has a gross loan book of INR 6.7 trillion. HDFC has been considered as a model for housing finance for countries with nascent mortgage markets," it said in the statement.
"Affordable housing is a critical component of quality infrastructure as also a growth driver for the real estate industry and the economy at large given its strong linkages to nearly 300 industries," said Deepak Parekh, Chairman, HDFC.
It also contributes to capital formation, employment, and income opportunities.
"A boost to affordable housing will play a significant role towards the 'Housing for All' objective of the government. The aspiration to own a home is inherent in every household.""In India, housing will play an important role as a catalyst for growth with increased demand for affordable housing. Combined with India's growth prospects, I have never been as optimistic about the affordable housing sector as I am today," Parekh added. (ANI)Get a daily dose of Breaking Property News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.
More InformationDUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
NAIROBI, July 4 (Xinhua) -- Chinese contractors are helping advance Kenya's construction sector by transferring technologies, the industry...
BERLIN, July 1 (Xinhua) -- Germany's housing market showed strong signs of recovery in the first quarter of 2025, with residential...
Riverside sheriffs office disses juries and county taxpayers
Olson- Erin Murphy wades through grief with lessons learned from Melissa Hortman
Counterpoint- What No Kings protests are actually about