Shriram Housing Finance raises Rs 680 crore from banks, NHB

With over 3,000 branches of the group across the country and millions of new customers on boarded every month, SHFL plans to tap the potent opportunity for cross-selling home loans.

Shriram Housing Finance (SHFL), a subsidiary of Shriram City Union Finance, has raised about Rs. 680 crore from various public and private sector banks and the National Housing Bank.

The firm also completed its maiden pass-through certificate (PTC) transaction with ICICI Bank.

The company received Rs. 100 crore each from Indian Bank and United Bank of India, Rs. 150 crore from Canara Bank through a securitisation deal, Rs. 150 crore from Syndicate Bank via term loans, Rs. 50 crore from ICICI Bank via PTC and Rs. 130 crore from NHB through a refinance scheme.

Ravi Subramanian, managing director & chief executive officer, SHFL, in a press statement, said, “We are happy with the confidence that the market has shown in us. Despite market challenges, SHFL has not only been able to fulfill its liability obligations but also has been able to generate fresh business, without compromising on portfolio quality.”

For all the loans originated from October 2018 till date, there has not been a single delinquent account, he added.

With over 3,000 branches of the group across the country and millions of new customers on boarded every month, SHFL plans to tap the potent opportunity for cross-selling home loans. The company plans to leverage the group’s distribution strength to cater to the needs of the exclusive set of group customers.