Central Bank ties with Indiabulls to offer home loans under priority sector at competitive rates

New Delhi: Central Bank of India on Monday entered into a strategic Co-lending Partnership with Indiabulls Housing Finance Limited to offer housing loans under priority sector to homebuyers at competitive rates, subject to the compliance with the applicable law(s) including the applicable guidelines issued by Reserve Bank of India (RBI).

The collaboration of both the financial entities will result in greater disbursement of Housing Loans by the Central Bank of India & Indiabulls HFL.

As per the agreement, Indiabulls HFL will originate and process retail home loans as per jointly formulated credit parameters & eligibility criteria and the Central Bank of India will take into its book 80% of the Housing Loan under direct assignment transactions on mutually agreed terms. Indiabulls HFL will service the loan account throughout the life cycle of the loan.

The Central Bank of India said, "This Co-lending arrangement is expected to help both the entities to offer convenient experience & customer delight to their home loan customers as well as help expand their reach across India."

Indiabulls HFL is an RBI regulated housing finance company with a pan India branch network and has a track record of customer acquisition.