LIC Housing Finance and India Post Payments Bank partnered to Offer new Home Loan Products.

New Delhi, Sept7: India Post Payments Bank (IPPB), a subsidiary of the Department of Posts in the Ministry of Communications, and LIC Housing Finance Ltd (LICHFL), the country's leading housing finance company, established a strategic alliance today to provide home loan products to IPPB's over 4.5 crore consumers.

 

 

 

 

IPPB will make LICHFL's home loan products available to its consumers across India through its wide network of 650 branches and more than 136,000 banking access points.

 

 As part of the Memorandum of Understanding, LICHFL will handle credit assessment, processing, and disbursement for all home loans, with IPPB responsible for sourcing. The cooperation with LICHFL is part of IPPB's goal to expand its product and service offerings, as well as to meet the banking and financial needs of the different consumers across the country, especially the unbanked and underserved.

 

 

 

IPPB is now providing a variety of general and life insurance products through partnerships with top insurance providers, and credit products are a natural extension for customers at the last mile.

 

 

 

 

 

 

Through its unique Doorstep Banking Service, IPPB's on-the-ground workforce of almost 200,000 postal personnel (Postmen and GraminDakSevaks) equipped with micro-ATMs and biometric devices will play a vital role in providing LICHFL's home loans.

 

 

For salaried individuals, LIC Housing Finance Ltd offers house loans starting at 6.66 percent for loans up to Rs 50 lakh. The interest rate given is determined by the borrower's creditworthiness, as determined by their CIBIL scores.