IFC to Invest Up to $38M in Three Affordable Housing Finance Firms
Thursday, April 14, 2016
International Finance Corporation (IFC) will invest up to $38 million in three housing finance companies in India, as the World Bank’s private-sector lending arm seeks to expand its presence in a segment that offers loans for low-cost houses.
The investment in Aspire Home Finance Corporation, Micro Housing Finance Corporation, and Aptus Value Housing Finance India Ltd will be through non-convertible debentures, IFC said in a statement.
Aspire focuses on retail home loans with an average ticket size of around Rs 10 lakh. It is a subsidiary of Motilal Oswal Securities Ltd, which in turn is a part of financial services company Motilal Oswal Financial Services Ltd.
Micro Housing Finance provides small and micro loans to the urban poor. It counts Michael and Susan Dell Foundation, India Financial Inclusion Fund and Unilazer Vetures as major investors.