IIFL Home Finance has secured a debt-funding of up to $100 million from the International Finance Corporation, a joint statement said on Monday. The debt funding will help it increase home finance to the economically weaker sections (EWS) and low-income groups (LIG), including women borrowers.

The need for affordable housing is estimated at 38 million units by 2030, of which EWS and LIG represent over 96 per cent.

Under the loan agreement, 50 per cent of funding is earmarked to promote housing finance for women borrowers, and the remaining is dedicated to financing green housing for buyers in this underserved segment, the statement said.

It, however, did not disclose the loan details such as tenor and the interest rate.

According to IFC estimates, the country’s green buildings market accounts for only 6 per cent of the residential buildings.

As part of the partnership, IFC will provide a performance-based incentive from the UK-IFC Market Accelerator for Green Construction Programme.

PTI