Mumbai, 31 Mar, 2015: Indiabulls Housing Finance has raised $150 million from Qatar National Bank Group under the external commercial borrowings route for affordable housing.
This is consistent with Indiabulls’ thrust on home loans of up to Rs. 25 lakh for affordable housing, the company said in a statement.This funding completes the drawdown of entire amount of $200 million ECB under RBI’s approval window.
“Financing through ECB has allowed us to raise $200 million which strongly reflects the liability franchise strength. IBHFL is committed to the cause of affordable housing with the average ticket size of our home loans being Rs. 24 lakh. We believe that organisations such as ours should be at the forefront of driving the ‘Housing for all by 2022’ agenda of the Government of India. This is the first time IBHFL has raised funds through QNB Group allowing us to diversify our borrowing portfolio. We hope to continue & maintain this relationship with them over years to come,” said Gagan Banga, Vice Chariman & MD, Indiabulls Housing Finance.
Indiabulls Housing Finance has a long-term credit rating of AAA and has a balance sheet size of over Rs.53,402 crore as of December 31, 2014 with a 9 month profit after tax of Rs. 1,350 crore.BusinessLine
