India Post Payments Bank ties up with HDFC to offer home loans

India Post Payments Bank (IPPB) and HDFC  Limited on October 26 announced a strategic  alliance  to  offer  home loans to nearly 4.7 crore customers of IPPB.

India post will leverage its country-wide network of 650 branches and over 1,36,000 banking access points to make available HDFC home loan products to customers across India, the company said in a press release.

The  partnership aims to take HDFC home loan products to customers,

especially those in unbanked and underserved areas with many of them having little or no access to finance, to fulfill their dream of owning a home, the IPPB release said. IPPB  will  offer  housing  loans  through  nearly  1,90,000 banking service providers - postmen and Gramin Dak Sevaks, the company said.

According to the  agreement, credit, technical and legal appraisals, processing and disbursements for all home loans will be handled by HDFC Ltd while IPPB will be responsible for sourcing of loans, the company said. "Complemented  by our robust network and HDFC’s leadership in the housing  finance  market, the alliance aims to make housing loans available and  accessible,  using  a  digitally  enabled  agent  banking  channel and position  IPPB  as  a one-stop platform for all banking needs of customers, including credit," said J. Venkatramu, MD & CEO, India  Post  Payments  Bank. HDC has been aggressively pushing business through digital channels during the pandemic. Over 88 per cent of new home loan applications are received through digital channels. Further, HDFC’s website is now available in  seven languages keeping in mind customers’ comfort while interacting in their local language, according to the press release. Since inception, IPPB has introduced a range of innovative and unique banking products and services catering to different customer segments. These include Digital  Life  Certificate, updating  mobile  number  in  Aadhaar,  Virtual  Debit Card, Aadhar enabled Payment System Service, and Dak Pay UPI App, the press release said.