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PNB Housing Finance tie up with Yes Bank for co-lending
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SME Times News Bureau | 05 Mar, 2021
PNB Housing Finance and Yes Bank on Friday said that they have entered
into a strategic co-lending agreement to offer retail loans to
home-buyers at competitive interest rates.
A PNB Housing
statement said that both the financial institutions will synergise their
capabilities to provide an efficient and seamless experience to
existing and new retail home loan customers.
PNB Housing and Yes
Bank will jointly do due diligence and co-originate the loan at an
agreed ratio. PNB Housing will service the customers through the entire
loan lifecycle, including sourcing, documentation and collection with an
appropriate information sharing arrangement with Yes Bank.
In
2020, RBI allowed the co-origination of HFCs with banks to enable
non-banking finance companies and other banking institutions to provide
mutually beneficial risk assessment services.
The revised
co-lending model, introduced in November 2020, gives lenders greater
flexibility in terms of offering higher credit for the unserved and
underserved segments of the population.
Rajan Suri, Business
Head for Retail at PNB Housing Finance said: "The digital transformation
has opened up untapped opportunities in the retail home loan space. We
have seen a steady demand among the working class, especially
millennials, who are keen to realise their dreams of owning a home early
in their careers."
"I am confident that our strategic
co-lending partnership with Yes Bank will enable us to accelerate our
business growth and add significant value to customer relationship and
experience," Suri said.
Rajan Pental, Global Head of Retail
Banking at Yes Bank said that the partnership provides ease of loan
sanctions at borrower's convenience through digital lending platforms,
thereby enabling home-buyers to fulfil their dreams and aspirations.
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