Good News! India Post Payments Bank And HDFC Join Hands To Offer Home Loans

In a statement, HDFC bank said that with its nationwide network of 650 branches and over 1.36 lakh banking access points (post offices), IPPB aims to make HDFC's home loan products available to its customers across India.

New Delhi: The India Post Payments Bank (IPPB) and HDFC on Monday decided to enter into a strategic partnership to offer housing loans to around 47 million customers. A Memorandum of Understanding (MoU) was signed between IPPB and HDFC Ltd on Monday for a strategic alliance. After this important move, the personal finance facilities particularly home loans will be available via post offices in villages across the country.

In a statement, HDFC bank said that with its nationwide network of 650 branches and over 1.36 lakh banking access points (post offices), IPPB aims to make HDFC’s home loan products available to its customers across India.

“Financial inclusion cannot be achieved without enabling access to credit,” said J. Venkatramu, MD, India Post Payments Bank to Financial Express. “Complemented by our robust network and HDFC’s leadership in the housing finance market, the alliance aims to make housing loans available and accessible, using a digitally enabled agent banking channel.”

It is important to note that HDFC has the highest number of beneficiaries at over 250,000, with cumulative disbursements of 43,000 Crore and a subsidy amount of Rs 5,800 Crore as of June 30, 2021 under the Pradhan Mantri Aawas Yojna scheme.