India Post Payments Bank has tied up with LIC Housing NSE 4.73% Finance to sell housing finance products to its 4.5 crore customers.
IPPB Ltd., through its 650 branches and over 136,000 banking access points, will make home loans available to its customers across India.
The credit underwriting, processing and disbursement for the home loan will be handled by LICHFL, while IPPB will be the source of the loan.
The tie-up with LICHFL is aimed at enhancing IPPB’s range of products and services. and to meet the banking and financial needs of various customers across the country.
IPPB already distributes general and life insurance products to its customers through partnership with insurance companies.
IPPB has an on-ground workforce of around 200,000 postal workers, who are equipped with micro ATMs and biometric devices for doorstep banking. This will play a vital role in LICHFL’s home loan offering.
J Venkatramu, MD & CEO, India Post Payments Bank said, “The partnership with LICHFL marks an important milestone in the journey of becoming one of the largest platforms for availing credit products by our customers to meet the diverse needs of IPPB. Loan is required to buy a house and we provide loan easily.
Y Vishwanatha Gaur, MD & CEO, LIC Housing Finance said that the MoU with IPPB will help the company to further deepen the market penetration. With the unmatched presence of post offices, we see this strategic partnership as an important step that will help in our long-term business growth and improve our market share.
LIC Housing Finance offers home loans starting from 6.66 per cent for loans up to Rs 50 lakh for salaried individuals.