Indian Post Payment Bank (IPPB) and HDFC has entered into a strategic alliance to offer home loans to nearly 4.7 crore customers of the payments bank. A Memorandum of Understanding (MoU) on the strategic alliance was signed between IPPB and HDFC Ltd on Monday.
Commenting on this partnership, HDFC MD Renu Sud Karna said, this alliance will go a long way to promote affordable housing in the remotest locations in our country in line with the Prime Minister’s vision of Housing for all.
Leveraging HDFC’s country- wide network of 650 branches and over 1,36,000 banking access points (Post offices), IPPB aims to make HDFC’s home loan products and its expertise available to its customers across India, HDFC said in the statement. As per the MoU, credit, technical and legal appraisals, processing and disbursement for all home loans will be handled by HDFC Ltd while IPPB will be responsible for sourcing of loans, it said.