India Shelter to raise US Dollar 30 million in ECB from DFC
Aug 25, 2022
New Delhi [India], August 25 (ANI/BusinessWire India): India Shelter Finance Corporation (ISFC), a Gurgaon based Housing Finance Company, today announced that it has raised $10 million out of the total sanctioned facility of USD 30 million, in external commercial borrowings (ECB) from U.S. International Development Finance Corporation (DFC).
DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today and invest across sectors including energy, healthcare, critical infrastructure, and technology.
Providing Affordable Housing and Mortgage Financing to Women Borrowers
ISFC will use the proceeds to serve low to middle-income class based out of Tier 2 and Tier 3 cities. The financing would be used to provide simplified credit solutions into affordable housing and mortgage finance with an average ticket size of INR 10-15 Lakhs.
Affordable Housing and Financial Inclusion
ISFC caters to the marginal strata of society, often ignored by the banks. This financing further promotes ISFC's vision to be the leading provider of affordable housing in India and a key contributor in financial inclusion. The overall facility extended by DFC to help ISFC extend the financing to more than 2400 households and further improve the lives of at least double of these numbers while working towards financial inclusion.
"DFC is delighted to work with India Shelter, which is making an impact in communities in India through financial inclusion and responsible lending initiatives. India Shelter's mission to improve the reach and quality of housing in the country and create social impact in the lives of its customers will support economic growth and prosperity in India," said Jim Polan, Vice President of DFC's Office of Development Credit.
Rupinder Singh, MD and CEO, ISFC said, "India Shelter will continue to scale operations as it funds more individual borrowers by providing affordable housing financing and bringing many in the financial eco-system through its unique phygital model. The phygital model of the company provides a face to all the customers and yet is entirely digital in its processes. The transaction further validates the company's ability to attract funding from institute of repute like of DFC and the company look forward to sustainable growth and creating societal impact."
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