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Ummeed Housing Finance secures $20 million DFC sanction for affordable housing expansion
The funds will be used to provide long-tenure housing finance to economically weaker sections in Tier 2, 3, and 4 cities.
Ummeed Housing Finance has received a sanction of up to $20 million (₹160 crore) from the US International Development Finance Corporation (DFC).
The Gurgaon-based, digital affordable housing finance company will use the funds to offer long-tenure housing finance to the Economically Weaker Sections (EWS), Lower-Income Groups (LIGs) and Middle-Income Groups (MIGs) in Tier 2, 3 and 4 cities.
“This DFC facility allows us to extend long dated credit to the underbanked population to assist with home purchases, construction, and extension. Our programme strongly encourages women co-ownership on these loans and properties,” said Founder and MD Ashutosh Sharma.
DFC is the US government’s development finance institution that works with the private sector to channel development capital into emerging markets. It is partnering with Ummeed Housing to fund approximately 2,000 new, low-ticket mortgages, averaging $11,600 (Rs 9 lakh) in size, with tenures of up to 15 years.
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