New Delhi: Mortgage Lenders HDFC Ltd On Friday, it said it has raised $1.1 billion (about Rs 8,700 crore) from a group of investors under a ‘syndicated social loan facility’ to cater to the affordable housing segment.
HDFC Ltd. has raised the amount through External Commercial Borrowings (ECB).
“This landmark financing furthers HDFC’s long-standing mission to be the leading provider of housing finance in India. Proceeds from social credit will go towards financing affordable housing loans,” the company said.
It is India’s largest social financing issuer, largest social loan globally, first social ECB loan outside India and largest ECB loan deal from a housing finance company/private NBFC in India. HDFC said in a release.
MUFG BANK LIMITED (MUFG) is one of the Mandatory Lead Arrangers and Borrowers (MLABs) along with being the principal social credit coordinator for this transaction.
CTBC Bank, Mizuho Bank, State Bank of India and Sumitomo Mitsui Banking Corporation are other MLABs and joint social credit coordinators.
Since its inception in 1977, the largest mortgage lender by asset size in the country has financed 9.5 million (95 lakh) housing units and has a gross loan book of Rs 6.7 trillion.
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