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India Post Payment Bank, HDFC To Offer Home Loan To Over 4.5 Crore

India Post Payments Bank have recently announced that they will offer home loans up to 4.5crore through 1.9 lakh Postmen and Gramin Dak Sevaks across the nation, Economic Times reported.

IPPB and HDFC bank have united for this scheme to provide loans to their customers over 4.7 crores.

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Home Loan scheme

  • India Post is focusing on making the home loan available to remote areas like villages and rural areas where access to banks is not available. They will use their network of 670 branches and around 1.35 lakh banking access points to offer the loan to people.
  • IPPB will use its immense reach and HDFC Bank will support with the technical, credit and processing, according to the report.

IPPB and LIC Housing Finance Home Loan

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In September this year, IPPB and LIC declared a strategic partnership to provide home loans to customers of IPPB for up to 4.5 crores.

A similar pattern was followed in this partnership as it is with HDFC bank.

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IPPB will make use of LIC Housing Finance home loan products available to their customers nationwide, the Ministry of Communications stated in a statement.

As per the MoU, the crediting, processing and disbursement procedures will be handled by LIC and IPPB will handle sourcing.

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IPPB has a strong on-ground network of 2, 00,000 postal employees, who have access to micro-ATMs and biometric devices. Such technology has given Indian citizens access to a smooth facility of Doorstep Baking Service.

Home Loan Interest

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As per the statement issued by the Ministry of Communications, LIC Housing Finance Ltd. is offering home loans at a 6.6% interest rate for Rs. 50 lakh for employed individuals.

This interest rate is related to the customer’s CIBIL scores.

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