(ANI): Housing finance company HDFC on Friday announced the completion of the USD 1.1 billion syndicated social loan facility for the financing of affordable housing in India.
A syndicated loan is typically a substantial loan provided to a large borrower by several lenders together.
This transaction, the lender said, marked several meaningful milestones, including India's largest social financing issuance, the largest social loan globally, the first social external commercial borrowing loan out of India and the largest ECB loan deal from a housing finance company/ private NBFC in India.
Proceeds from the social loan would go towards financing affordable housing loans, the lender said in a statement on Friday.
"Since its inception in 1977, HDFC has financed 9.5 million housing units and has a gross loan book of INR 6.7 trillion. HDFC has been considered as a model for housing finance for countries with nascent mortgage markets," it said in the statement.
"Affordable housing is a critical component of quality infrastructure as also a growth driver for the real estate industry and the economy at large given its strong linkages to nearly 300 industries," said Deepak Parekh, Chairman, HDFC.
It also contributes to capital formation, employment, and income opportunities.
"A boost to affordable housing will play a significant role towards the 'Housing for All' objective of the government. The aspiration to own a home is inherent in every household."
"In India, housing will play an important role as a catalyst for growth with increased demand for affordable housing. Combined with India's growth prospects, I have never been as optimistic about the affordable housing sector as I am today," Parekh added.