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Ummeed Housing Finance Secures $20M Funding from US DFC for Affordable Housing
Ummeed Housing Finance, a digital affordable housing finance company based in Gurugram, has secured up to $20 million (approximately Rs 160 crore) from the US International Development Finance Corporation (DFC). This financial infusion will be directed towards offering long-term housing finance solutions to economically disadvantaged sections and lower and middle-income groups residing in Tier II, III, and IV cities across India.
In addition to the funding, DFC is collaborating with Ummeed Housing Finance Private Limited (UHFPL) to finance around 2,000 new low-value mortgages, with an average size of $11,600 (approximately Rs 9 lakh) and tenures extending up to 15 years.
Ummeed Housing Finance embarked on its journey in 2016 with a mission to provide affordable housing finance options to underserved and underbanked populations. Currently, it operates through 84 branches spanning seven states in north and central India. Notably, the company has implemented a fully digitalized system for loan approval and disbursal, enabling swift processing of customer requests.
The company’s offerings encompass loans ranging from Rs 3 lakh to Rs 50 lakh, covering various purposes such as home purchases, home construction, home renovations and repairs, loans against property, and business loans. Since its inception, Ummeed Housing Finance has successfully disbursed loans to over 24,000 customers, fulfilling its commitment to expanding access to housing finance for diverse population segments.
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