India Post Payment Bank, HDFC To Offer Home Loan To Over 4.5 Crore. Top Details Here

Home Loan: While IPPB will utilized its robust network, HDFC Bank will provide technical, credit, processing and disbursement services, the ET report said.

New Delhi: India Post Payments Bank (IPPB) under Department of Posts will offer home loan through 1.9 lakh Postmen and Gramin Dak Sevaks across the country, according to an Economic Times report. This has come as IPPB and HDFC Limited have joined hands to offer housing loan to around 4.7 crore customers, the ET reported.

IPPB-HDFC Home Loan

• IPPB is aiming to make home loan available at remote areas where access to bank and finance is little. It will utilize its network of 650 branches and more than 1.35 lakh banking access points to offer HDFC Ltd’s housing loan products, as per the ET report.
• While IPPB will utilized its robust network, HDFC Bank will provide technical, credit, processing and disbursement services, the ET report said.

India Post Payments Bank-LIC Housing Finance Home Loan

• Earlier in September this year, IPPB and country’s premier housing finance player LIC Housing Finance Ltd (LICHFL) announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB.
• Through its robust and extensive network of 650 branches and more than 136,000 banking access points, IPPB will make LICHFL’s home loan products accessible to its customers pan-India, Ministry of Communications said in a statement.
• As part of the Memorandum of Understanding, credit underwriting, processing, and disbursement for all home loans will be handled by LICHFL with IPPB responsible for sourcing.
• IPPB’s on-ground workforce of nearly 200,000 postal employees (Postmen and Gramin DakSevaks) equipped with micro-ATMs and biometric devices through its innovative Doorstep Banking Service will play a significant role in offering LICHFL’s housing loans, according to details on the official statement.

LIC Home Loan Interest Rate

LIC Housing Finance Ltd, offers home loan starting from 6.66 per cent for loans up to Rs 50 lakh for salaried individuals. The rate of interest offered is linked to the borrower’s creditworthiness, as reflected by their CIBIL scores, the Ministry of Communications said in the statement.