Public lender Central Bank of India has inked a strategic Co-lending Partnership with Indiabulls Housing Finance Limited in a bid to offer housing loans under priority sector to homebuyers at competitive rates.
This is subject to adherence of law(s) including the applicable guidelines issued by Reserve Bank of India (RBI).
This partnership is likely to ensure smooth disbursement of Housing Loans by the Central Bank of India & Indiabulls HFL, reads the communique.
As per the agreement, Indiabulls HFL will originate and process the retail home loans based on the jointly formulated credit parameters and eligibility criteria and the Central Bank of India will book 80% of the Housing Loan under direct assignment transactions on mutually nodded terms.
As per the statement, Indiabulls HFL will service the loan account throughout the life cycle of the loan.
“This Co-lending arrangement is expected to help both the entities to offer convenient experience & customer delight to their home loan customers as well as help expand their reach across India,” stated the Central Bank of India.
Indiabulls HFL is an RBI regulated housing finance company and has a pan India presence with a track record of customer acquisition.