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PNB Housing Finance and Yes Bank sign strategic co-lending pact for retail home loans

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.

Published: 05th March 2021 11:49 AM  |   Last Updated: 05th March 2021 11:49 AM   |  A+A-

Logos of PNB Housing Finance (L) and Yes Bank

Logos of PNB Housing Finance (L) and Yes Bank. (File photos| PTI)

By PTI

NEW DELHI: PNB Housing Finance on Friday said it has tied up with Yes Bank for a strategic co-lending service that will facilitate retail home loans at competitive rates.

PNB Housing Finance said in a regulatory filing that PNB Housing and Yes Bank will synergise capabilities to provide an efficient and seamless experience to existing and new retail home loan customers.

It added that this strategic co-lending agreement will offer "convenient and customised retail loans to homebuyers at competitive interest rates". 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, the filing said.

In 2020, the RBI allowed the co-origination of housing finance companies (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 vis-a-vis offering higher credit for the unserved and underserved segments of the population. 

PNB Housing Finance,  Business Head Retail, Rajan Suri said: "India's financial sector is witnessing a historical disruption with most banks and NBFCs harnessing the power of new-age technologies to innovate and deliver qualitatively superior products and services to customers.

The digital transformation has opened up untapped opportunities in the retail home loan space.



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