HDFC Plans to Raise Funds for Sustainable Housing Through Green and Sustainable Deposits

Strategic Insights

Aug 16, 2021 — 1 min read

Housing Development Finance Corporation (HDFC) aims to finance green and sustainable housing projects by raising funds from retail investors. The financing program, which includes loans to developers and homebuyers, seeks to contribute to the country's environmental conservation efforts. HDFC has partnered with the International Finance Corporation (IFC) to promote green housing in India through lending for affordable and low-income housing. As of March-end, HDFC has disbursed over ₹19,665 crore in home loans to 47,819 families in certified green building projects across the country.

Key Takeaways:

HDFC plans to raise funds from retail investors to finance green and sustainable housing projects.
The financing program will include loans to developers and homebuyers, with at least 25% of the financing earmarked for green affordable housing.
HDFC has partnered with the International Finance Corporation (IFC) to promote green housing in India through lending for affordable and low-income housing.
HDFC has disbursed over ₹19,665 crore in home loans to 47,819 families in certified green building projects across the country as of March-end.
The deposits will offer an interest rate of up to 6.55% and have a tenure of 36-120 months.
People above 60 years of age will be eligible for an additional 0.25% interest on deposits up to ₹2 crore.

Statistics:

HDFC has total deposits of ₹1.54 lakh crore as of June 30.
Raising at least 1% of this amount in green deposits would amount to more than ₹1,500 crore.
HDFC has disbursed over ₹19,665 crore in home loans to 47,819 families in certified green building projects across the country as of March-end.
IFC has extended a $250 million loan to HDFC under the partnership to promote green housing in India.

Sources:

ET (The Economic Times)
World Bank Group's International Finance Corporation (IFC)
Housing Development Finance Corporation (HDFC) press release
Indian Green Building Council (IGBC)

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