Mumbai: Motilal Oswal Home Finance Ltd on Thursday said it has entered a commitment of $ 50 million in long term loan from the US International Development Finance Corporation (DFC) through the external marketable borrowing (ECB) route. The lender said it has joined hands with US DFC to give affordable casing finance to women and low- income group borrowers in India. This backing commitment of $ 50 million is for a period of 15 years and comes at a fixed rate. The company said it has formerly entered the first tranche of this backing.
The US DFC is America’s development finance institution (DFI) and a part of the US government. It’s also the world’s largest development finance institution and provides debt backing, equity investments, feasibility studies, investment finances, political threat insurance and specialized backing.
Shalibhadra Shah, principal fiscal officer, Motilal Oswal Home Finance, said, “This long- term loan from US DFC validates MOHFL’s sweats towards furnishing backing results to women and low- income group borrowers in India. The strategic cooperation with DFC would boost our affordable casing loan business and paves the way for stronger disbursement growth in coming ages.”
Dubai- grounded investment banking premonitory establishment Alpen Capital was the sole counsel for this sale, the lender said in a statement.
Motilal Oswal Home Finance Ltd
Motilal Oswal Home Finance Limited is a subsidiary of Motilal Oswal Financial Services Limited, a well-diversified financial service company focused on wealth creation for all its customers such as Institutions, Corporates and Retail. The company is a professionally managed Housing Finance company with financially literate and technically skilled people having erected public trust for over four decades in the sphere of financial services. It is one of the leading companies to provide hassel free home loans with easy documentation and full transparency It focusses on financial inclusion of Lower- and middle-income families by providing them with long term housing finance services
Their journey started in May 2014 post receiving Certificate of Registration from the National Housing Bank and since then has focused on a continuous and profitable growth with strong pick up in disbursements, expansion in sales force, and sharp reduction in cost of funds post covid in 2022. Having presence in Western, North central and Southern India, the company expanded its reach in Northern India by entering into three new states/UTs in 2022.
They are also committed towards digital initiatives to improve customer experience by launching their PMAY (Pradhan Mantri Awas Yojana) portal in FY21.The company saw a revision in its credit ratings of long-term debt instruments from CRISIL AA-/Stable to CRISIL AA-/Positive.
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