IBHF raises Rs 1,000 cr from Yes Bank for affordable hsg

Mumbai, Jan 2 (PTI) Mortgage lender Indiabulls HousingFinance (IBHF) today said it has raised Rs 1,000 crore fromprivate sector lender Yes Bank in the country's maiden socialaffordable housing bond sale.Money raised through the sale of the five-year bondswill be used exclusively for financing the affordable housingsector, a statement said.It can be noted that the government has set a targetof ensuring that there is housing for all by 2022 and given alot of thrust through incentives for the affordable housingsegment.IBHF's vice chairman, managing director and chiefexecutive Gagan Banga said the company is focused on theaffordable sector with an average home loan size of Rs 25lakh."We are certain that this issue will act as a catalystfor the Social Bonds market in India and create a benchmarkfor future issues in this space," Yes Bank's managing directorand chief executive Rana Kapoor said.Proceeds from the issue will be used towards financingand refinancing requirements in the 'affordable housing'sector in line with applicable laws including lending toindividuals and developers under the Pradhan Mantri AwasYojana, it said.The bond will conform to the Social Bond Principles 2017 issued by the International Capital Market Association and KPMG will provide assurance services on the use of proceeds, it said.

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