PNB Housing Finance on Friday mentioned it has tied up with Sure Financial institution for a strategic co-lending service that may facilitate retail residence loans at aggressive charges. PNB Housing and Sure Financial institution will synergise capabilities to supply an environment friendly and seamless expertise to present and new retail residence mortgage clients, PNB Housing Finance mentioned in a regulatory submitting.
This strategic co-lending settlement will supply “handy and customised retail loans to homebuyers at aggressive rates of interest”, it added. PNB Housing and Sure Financial institution will collectively do due diligence and co-originate the mortgage at an agreed ratio.
PNB Housing will service the shoppers by way of the complete mortgage lifecycle, together with sourcing, documentation and assortment with an applicable data sharing association with Sure Financial institution, the submitting mentioned.
In 2020, the RBI allowed the co-origination of housing finance corporations (HFCs) with banks to allow non-banking finance corporations and different banking establishments to supply mutually useful danger evaluation providers.
The revised co-lending mannequin, launched in November 2020, offers lenders higher flexibility vis-a-vis providing increased credit score for the unserved and underserved segments of the inhabitants.
PNB Housing Finance, Enterprise Head Retail, Rajan Suri mentioned: “India’s monetary sector is witnessing a historic disruption with most banks and NBFCs harnessing the facility of new-age applied sciences to innovate and ship qualitatively superior services to clients. The digital transformation has opened up untapped alternatives within the retail residence mortgage area.”