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ICICI ties up for low-cost housing finance
ICICI Bank, India's largest private sector bank, is close to signing a partnership with US-based Development Innovations Group (DIG) for providing low-cost housing finance and also for microfinancing solutions.

DIG, which has an international experience in providing low income housing finance, will partner with ICICI Bank in India. While DIG will provide its expertise, ICICI Bank will be the financial institution that will disburse loans.

"In this partnership, DIG will offer their expertise and run the organisation to provide both low income mortgage finance and housing microfinance and we will provide financing," said Nachiket Mor, deputy MD, ICICI Bank.
The nature and scope of the tie-up is yet to be finalised and is yet to decide on the total amount of disbursements. Mr Mor said, "ICICI Bank has the capacity to meet the available demand."

The tie-up will provide housing finance of small amounts and shorter maturity, with no collateral. It will also disburse larger amounts with a longer maturity along with a collateral. DIG is a private, international firm providing innovative solutions in the fields of development finance, urban and community services, and fund management. It works in developing and transition economies, and in post-emergency environments.

With microfinance yet to take-off in India in a big way, it is one of the major issues that financial institutions are trying to address. ICICI Bank alone is looking to forge 500 more partnerships over the next few years in the area of micro-finance. Internationally, DIG partners with financial sector institutions, government agencies, donor organisations, NGOs, and the private sector.

It provides development finance which includes both microfinance and housing finance, offers advisory service in infrastructure and also assists in the management of funds invested in profitable development finance institutions.

DIG works with governments, regulatory authorities and the financial sector to build their capacity to meet the demand for mortgages, and to determine the feasibility of mortgage finance systems for the poor.

In the field of housing microfinance, DIG provides market assessments, product design, systems and tools development training, design of guarantee facilities and advising regulators and policy makers.
Source :
Times News Network
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