ICICI Bank and IIFL Finance’s material wholly owned subsidiary company -- IIFL Home Finance -- have entered into a sourcing and servicing arrangement to partner in extending credit to the affordable housing loans & MSME loans (loan against property). Under the tie-up, IFL Home will originate and service customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing and in turn, ICICI Bank will provide funding to these customers. Definitive agreements for the arrangement, including the sourcing agent agreement and service provider agreement were executed between IIFL Home and ICICI Bank on December 18.
ICICI Bank is a leading private sector bank in India.
