Profit Sheets

India Post Payments Bank, LIC Housing Finance tie up to provide home loan products

September 8, 2021 12:57 PM

Home,Loan,,Reverse,Mortgage,And,Saving,For,A,Real,Estate
LIC Housing Finance Ltd have announced a strategic partnership to provide home loan products to over 4.5 crore customers of India Post Payments Bank.

India Post Payments Bank and LIC Housing Finance Ltd have announced a strategic partnership to provide home loan products to over 4.5 crore customers of India Post Payments Bank. Through its network of 650 branches and over 136,000 banking access points, IPPB aims to make LIC Housing Finance’s home loan products accessible to its customer’s pan-India.

The Memorandum of Understanding (MoU) signed between both the companies says credit underwriting, processing, and disbursement for all home loans will be handled by LIC Housing Finance with IPPB responsible for sourcing.

The alliance will help IPPB expand its range of products and services, and cater to the banking and financial needs of customers, especially unbanked and underserved, across the country.

Currently, IPPB is distributing various general and life insurance products through partnerships with leading insurance companies, and credit products is a natural extension for the customers at the last mile.

Also Read: India Inc to shell out pre-Covid level hike to employees 

India Post Payments Banks on-ground workforce of nearly 200,000 postal employees (Postmen and Gramin Dak Sevaks) equipped with micro-ATMs biometric devices through its innovative doorstep banking service will play a significant role in offering LICHFL’s housing loans.

J Venkatramu, MD & CEO,  India Post Payments Bank said, “Easy access to credit for buying a house is an important prerequisite towards achieving inclusive growth. Since its start, IPPB  is committed to promoting financial inclusion among low-income and underbanked segments at the last mile by leveraging the unparalleled network of post offices, and technology-driven banking solutions.”

LIC Housing Finance Y Viswanatha Gowd said the strategic MoU with IPPB will help the company deepen its market penetration and enable it to increase  LICHFL’s home loan product outreach in untapped geographies across the country.

Leave a comment

NSE Top Gainers/Losers
COMPANY LTP %CHNG VOLUME
ONGC 135.10 5.14 4,03,32,961
JSWSTEEL 660.50 4.31 84,34,405
INDUSINDBK 1,135.90 4.22 40,49,393
BAJFINANCE 7,591.25 2.00 8,17,841
UPL 722.90 2.45 31,22,653
COMPANY LTP %CHNG VOLUME
MARUTI 6,784.50 -2.39 7,54,854
AXISBANK 784.85
-1.38
55,25,654
HEROMOTOCO 2,839.30 -1.74 4,04,569
BPCL 415.50
-1.17
66,91,530
BAJAJ-AUTO
3,715.40
-1.61 2,10,350