Shriram Housing Finance raises Rs. 680 cr from Public Sector Banks and National Housing Bank (NHB)• Raises Rs. 130 cr from National Housing Bank (NHB) through a re-finance scheme
• Completes its maiden PTC transaction with ICICI Bank
Mumbai, November 12, 2019: Shriram Housing Finance Limited (SHFL), a subsidiary of Shriram City Union Finance (SCUF) has raised sanctions to the tune of Rs. 680 crores from various public and private sector banks along with NHB. SHFL has also completed its maiden PTC transaction with ICICI Bank which has been rated AAA (SO).
The company received Rs. 100 cr each from Indian Bank and United Bank of India, Rs. 150 cr from Canara Bank (securitization deal), Rs. 150 cr from Syndicate Bank (term loans), Rs. 50 cr from ICICI via a pass through certificate (PTC) and Rs. 130 cr from National Housing Bank (NHB) through a re-finance scheme.
Mr. Ravi Subramanian, Managing Director & CEO, Shriram Housing Finance said, ‘We are happy with the confidence that the market has shown in us. Despite market challenges, SHFL has not only been able to fulfil its liability obligations but also has been able to generate fresh business, without compromising on portfolio quality’. For all the loans originated from October 2018 till date, there has not been a single delinquent account, he added.
With over 3,000 branches of the Group across the country and millions of new customers’on boarded every month, Shriram Housing Finance Limited plans to tap the potent opportunity for cross-selling home loans. The company plans to leverage the Groups distribution strength to cater to the needs of the exclusive set of group customers.
About Shriram Housing Finance Limited
Shriram Housing Finance Limited, a Housing Finance Company registered with the National Housing Bank (NHB) and promoted by Shriram City Union Finance Ltd., commenced operations in December 2011. A subsidiary of the Shriram group’s flagship company, Shriram Housing Finance lives by the Corporate philosophy of Shriram Group putting ‘People first’ by providing financial assistance to ‘AamAadmi’ (common man), the prospective home owners who do not have access to the formal banking sector.
