To boost home loan segment banks and housing finance companies (HFCs) have decided to get into partnership. Usually banks and housing finance companies (HFCs) are known to compete sternly on the home loan segment.
In fact they have agreed to work together to grow business by using their respective expertise and sharing the loan books.
Recently an agreement has been signed between Mumbai-based Dewan Housing Finance Corp and state-run Punjab & Sind Bank (PSB).
Dewan Housing is also carrying out talks with Kolkata-based United Bank of India (UBI) for inking a similar arrangement. General Insurance Corporation (GIC)-promoted GIC Housing Finance (GICHF), in a row, said in a statement that it is open to exploring this model.
Dewan Housing vice-chairman & managing director Kapil Wadhawan told ET, “This is first time that banks and HFCs are coming together to grow business through a loan syndication model. We will originate and process home loans by leveraging these banks’ extensive branch network.”
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