FCC

ADB Pledges Rs.5.95 Billion for Affordable Housing Loans

2024-12-24

The Asian Development Bank (ADB) has committed USD 70 million (approximately Rs 5.95 billion) to Vastu Housing Finance to strengthen affordable home loan offerings. The Manila-based multilateral funding agency’s loan aims to enhance access to housing loans for underserved borrowers, particularly in low-income and economically weaker sections.

According to a statement by Vastu Housing Finance, 15% of the funds will be exclusively allocated to first-time borrowers. Additionally, the partnership will focus on promoting women's homeownership and bridging the credit gap in Tier II to IV towns across India.

Vastu Housing Finance primarily caters to the low-income and self-employed segments, offering affordable housing finance solutions. This initiative aligns with ADB’s broader mission of fostering sustainable economic development through targeted financial interventions.