Asian Development Bank to lend $60mn to Aavas Financier

Published On: Monday, March 30, 2020 | By: Team KnowMyStock

Asian Development Bank (ADB) has signed an agreement to lend up to $60 million to the housing finance company in India Aavas Financiers Limited (Aavas) so as to improve access to housing finance for lower-income borrowers in the country, particularly women. The loan is distributed under ADBs Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project. India is experiencing a severe housing shortage estimated at 18.7 million units in urban areas and 43.7 million units in rural areas, mostly affecting low-income groups. They face several challenges in obtaining mortgages including a lack of documents to prove their incomes. Aavas is one of the largest housing finance companies in India’s affordable housing segment. It has more than 70 billion rupees in assets under management and 245 branches across 10 states as on 31st December 2019

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