IIFL Home Finance has raised a $50 million loan from US International Development Finance Corp (DFC) to grow its affordable housing finance portfolio with a special focus on sustainable housing.
The fund was raised at a concessional 5.72% rate, which includes the hedging cost, IIFL Home Finance chief executive Monu Ratra told ET. Its average cost of funds is 8.4%. The deal marks the growing confidence shown by overseas investors on India’s affordable housing space, which is growing rapidly with government focus.
