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Dewan Housing raises $70 million from IFC under ECB window

07 Apr 2014 Evaluate

Dewan Housing Finance has raised $70 million from World Bank Group member IFC under the external commercial borrowing (ECB) window. Moreover, the company will use the raised fund for on-lending to affordable homes.

The tenure of the loan is for eight years and the money got raised at a premium of 3.08 per cent over the Libor, the international benchmark rate. The landed cost of money, however, is higher than the normal at over 10 per cent.

Dewan Housing Finance Corporation is one of the largest housing finance companies in India with the total asset size and loan portfolio of Rs 41,100 crore and Rs 37,849 crore respectively as on Dec. 31, 2013. The company’s target segment is primarily salaried individuals in lower and middle-income groups in Tier II and III cities.

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