HDFC raises $1.1 billion in “social loans” to fund affordable housing segment

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NEW DELHI: Mortgage Bank HDFC Ltd on Friday announced that it has raised US$1.1 billion (around Rs.8,700 billion) from a group of investors under the Syndicated Social Loan Facility to serve the affordable housing segment.
HDFC Ltd raised the funds through External Commercial Borrowings (ECBs).
“This landmark financing furthers HDFC’s long-standing mission to be the leading provider of home finance in India. Proceeds from the social loan would be used to fund affordable home loans,” the company said.
This is India’s largest social finance issue, largest social loan in the world, first social ECB loan from India and largest ECB loan deal by a housing finance company/private NBFC in India. HDFC said in a press release.
MUFG Bank AG (MUFG) is the lead social credit coordinator for this transaction and one of the Mandated Lead Arrangers and Borrowers (MLAB), it said.
CTBC Bank, Mizuho Bank, State Bank of India and Sumitomo Mitsui Banking Corporation are the other MLABs and joint social loan coordinators.
Since its inception in 1977, the country’s largest mortgage lender by asset size has financed 9.5 million (95 lakh) housing units and has a gross loan book of Rs 6.7 trillion.

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