NEW DELHI: In a significant move to enhance accessibility to affordable housing loans in the capital, the Delhi Development Authority (DDA) has signed a Memorandum of Understanding (MoU) with Ambak, a new-age fintech company.
As part of the agreement, DDA will share property details of its housing projects across income categories, including Economically Weaker Sections (EWS), Low-Income Groups (LIG), Middle-Income Groups (MIG), and High-Income Groups (HIG), with Ambak.
In return, the fintech firm will facilitate home loans for prospective buyers by connecting them with over 40 lending partners, including public and private sector banks, non-banking financial companies (NBFCs), and housing finance companies (HFCs).
Ambak will also contribute to DDA’s marketing efforts by deploying its manpower and resources at no cost. Additionally, it will set up a dedicated project management team to streamline loan processing and ensure prompt disbursement for eligible applicants. Financial literacy sessions on loan eligibility and repayment will also be conducted for prospective buyers.
Speaking about the collaboration, a DDA official said, “This partnership will not only assist potential buyers with their credit requirements but also strengthen our outreach efforts to ensure affordable housing reaches every section of society.”
Ambak has pledged to maintain stringent security measures to safeguard personal data shared during the process. The company will also actively participate in DDA’s on-site and off-site marketing campaigns to boost the visibility of its housing projects.
This collaboration is expected to give a significant push to affordable housing in Delhi, making home ownership more accessible and convenient for all strata of society.
The authority has recently launched phase 2 of its “Sasta Ghar” housing scheme, offering over 2,600 affordable flats across Delhi in areas like Narela, Rohini, Manglapuri (Dwarka), Siraspur, and Loknayakpuram.