IIFL Home Finance has entered into a strategic tie up with ITC, aiming to address the home financing needs of farmers across the country.
The partnership with Agro business division of diversified ITC Ltd will create a dedicated channel for IIFL HFL, enabling underserved farmers in rural areas access a wide range of home loan services offered by the company, IIFL Home Finance said in a release on Tuesday.
The housing finance company said it has done an integration with ITC MAARS App, which is a crop-agnostic full stack AgriTech platform, for reaching out to the farmers and addressing their financial requirements.
Notably, MAARS (Metamarket for Advanced Agriculture and Rural Services) is a ‘phygital’ ecosystem that provides on-ground interventions, while bringing the power of digital to farmers through the super app.
IIFL HFL said the company primarily focuses on first-time homebuyers, especially those from economically weaker sections (EWS) and low-income groups (LIG). “This integration aligns seamlessly with IIFL HFL’s mission, offering a strategic advantage in streamlining home financing solutions for farmers. Under this partnership, IIFL Home Finance will offer its products and services through its extensive network of over 390 branches in tier 2, 3, and 4 markets across the country,” according to the release.
The company serves more than 2,70,000 first time home buyers as of date. It has till date disbursed affordable home loans to over 72,973 credit linked subsidy scheme (CLSS) beneficiaries and over 26,222 to beneficiary-led constructions (BLC), amounting to a total home loan disbursement of ₹10,866 crore.
Monu Ratra, ED and CEO, IIFL Home Finance, said since inception the company has been dedicated to serving the first-time homebuyers. “Our association with ITC MAARS will enhance the company’s ability to meet the housing finance needs of the country’s farmers. This partnership will enable us to support the government’s ‘Housing for All’ initiative, and we are committed to providing comprehensive support to such communities who often face financial challenges in building their homes.”
The company aimed to deliver “tailored” services and financing solutions in remote areas, ensuring better support and accessibility, Ratra said.