Girish Kousgi, a specialist in mortgages and currently the chief executive officer of PNB Housing is set to join IIFL Finance’s mortgages arm soon. He will replace Monu Ratra, who decided to step down as executive director and CEO of IIFL Home Finance on August 14. This is likely the first major management change in IIFL Home Finance ever since UAE’s sovereign fund Abu Dhabi Investment Authority (ADIA) took a 20 percent stake in the company back in June 2022.
With a loan book of over Rs 40,000 crore as on June 30, 2025, IIFL Home Finance is the largest affordable housing company and operates out of 374 branches spread across 20 states.
An email sent to IIFL Finance, the parent company of IIFL Home Finance seeking confirmation on Kousgi’s appointment remained unanswered till publishing the article. Kousgi could not be reached for comments.
Seen as PNB Housing’s turnaround person, Kousgi took charge in October 2022 when the company was battling an asset quality crisis. PNB Housing stock was also at a low point. Under Kousgi’s tenure the stock has so far as returned over 3x. Appointed for a four year term, his premature exit from PNB Housing has not gone down well with investors.
In a disclosure to stock exchanges dated August 3, PNB Housing announced that Kousgi has decided to step down from his position and his tenure in the company will end on October 28. Ratra’s tenure in IIFL Home Finance will end on October 6.
National Housing Bank permitted IIFL to operate in the housing finance sector in 2009. It was only by 2014 that the company strategized to focus on retail loans and Ratra was subsequently appointed as CEO to head the mortgages arm. In 2019-20 when IIFL Group went in for a three- way demerger of business resulting in the carving out of IIFL Finance, IIFL Home Finance was positioned as a subsidiary of IIFL Finance.
According to news reports, the parent entity is keen to list its housing finance arm at an appropriate time. “Apart from focusing on growth, one should expect listing of IIFL Home Finance under Kousgi’s leadership,” said a senior executive in the housing finance sector who didn’t want to be named.
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