PNB Housing Finance announced on Friday that it has partnered with Yes Bank for a strategic co-lending service that will facilitate retail home loans at competitive rates.
PNB Housing and Yes Bank will synergize their capabilities to provide an efficient and transparent experience for existing and new retail real estate lending clients, PNB Housing Finance said in a regulatory filing.
This strategic co-loan agreement will provide “convenient and personalized retail loans to homebuyers at competitive interest rates,” he added.
PNB Housing and Yes Bank will jointly perform due diligence and co-order the loan at an agreed ratio.
PNB Housing will serve clients throughout the loan life cycle including sourcing, documentation and collection with an appropriate information sharing agreement with Yes Bank, according to the file.
In 2020, the RBI authorized cooperation between housing finance companies (HFCs) and banks to enable non-bank finance companies and other banking institutions to provide mutually beneficial risk assessment services.
The revised co-lending model, introduced in November 2020, gives lenders greater flexibility over supplying higher credit for unserved and underserved segments of the population.
PNB Housing Finance, Business Head Retail, Rajan Suri said: “India’s financial sector is experiencing historic disruption, with most banks and NBFCs harnessing the power of new age technologies to innovate and deliver superior products and services. to customers. The digital transformation has opened up untapped opportunities in the area of home loans to individuals.
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