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Asian Development Bank showers millions in green housing loans for low income Indian women

ADB-IIFL sign a $68 million loan to finance affordable green housing

The Asian Development Bank (ADB) and IIFL Home Finance Limited (IIFL) signed a $68 million loan aimed at facilitating green housing loans for lower-income women borrowers in India.

The programme will support IIFL’s green housing portfolio, specifically towards incentivizing developers to adopt green certification standards in building affordable housing.

According to a statement issued by ADB, the funding comprises a direct ADB loan of up to $58 million and a $10 million concessional loan by the Canadian Climate Fund for the Private Sector in Asia (CFPS).

Also read: From affordable housing to hosting Haldiram, Kashmir catches up with national mainstream

From ADB’s loan, 80 per cent will be earmarked for lending to women borrowers or co-borrowers and 20 per cent allocated to financing mortgages for green-certified homes.

“By leveraging IIFL’s focus on financial inclusion and CPFS’ leadership on climate-resilient housing, ADB can help low-income communities to manage the impacts of climate change,” said ADB Director General for Private Sector Operations Suzanne Gaboury.