IIFL Home Finance signs pact with PNB for co-lending

This is the fourth agreement signed by IIFL Home Finance with banks. Earlier this year, it signed agreements with ICICI Bank, Central Bank of India and Standard Chartered Bank.

IIFL Home Finance on Friday signed an agreement with Punjab National Bank (PNB), the country's second largest public sector bank, for co-lending.

IIFL Home Finance expects to grow their loan books by 25 per cent with this association. The loan sourcing and servicing will be managed by IIFL Home Finance and 80 per cent of the loan will be provided by PNB.

IIFL Home Finance will service customers through the entire loan cycle -- from sourcing, documentation and collection to loan servicing.

This is the fourth agreement signed by IIFL Home Finance with banks. Earlier this year, it signed agreements with ICICI Bank, Central Bank of India and Standard Chartered Bank.

IIFL Home Finance has disbursed loans totalling Rs 170 crore under these arrangements so far.