PNB Housing Finance, Yes Bank enter strategic co lending pact for customized retail home loans.

New Delhi :- PNB Housing and YES BANK will synergise capabilities to provide an efficient and seamless experience to existing and new retail home loan customers.

PNB Housing Finance and Yes Bank have entered into a strategic co-lending agreement to offer convenient and customized retail loans to homebuyers at competitive interest rates, the housing finance company said in a regulatory filing on Friday.

“PNB Housing and YES BANK will synergise capabilities to provide an efficient and seamless experience to existing and new retail home loan customers,” it said.

PNB Housing and Yes Bank will jointly do due diligence and co‐originate the loan at an agreed ratio. PNB Housing will service the customers through the entire loan lifecycle, including sourcing, documentation and collection with an appropriate information sharing arrangement with Yes Bank, filing added.

PNB Housing Finance, Business Head Retail, Rajan Suri said, “India’s financial sector is witnessing a historical disruption with most banks and NBFCs harnessing the power of new-age technologies to innovate and deliver qualitatively superior products and services to customers. The digital transformation has opened up untapped opportunities in the retail home loan space.”

“The partnership provides ease of loan sanctions at borrower’s convenience through digital lending platforms – thereby enabling home buyers to fulfill their dreams and aspirations,” said Rajan Pental, Global Head ‐ Retail Banking, Yes Bank.

It is worth mentioning that in 2020, the RBI allowed the co-origination of housing finance companies (HFCs) with banks to enable non-banking finance companies and other banking institutions to provide mutually beneficial risk assessment services.

The revised co-lending model, introduced in November 2020, gives lenders greater flexibility vis-a-vis offering higher credit for the unserved and underserved segments of the population.

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