Bank of Baroda has signed a MoU with Centrum Housing Finance Ltd. (CHFL) for sourcing and financing the housing loan borrowers under Co-lending Model (CLM) mechanism. The MoU is signed by Mr. Harshadkumar T. Solanki, General Manager, Mortgage and Other Retail Assets, Bank of Baroda, and Mr. Sanjay Shukla, MD and CEO of CHFL.
CHFL is one of the leading new age housing finance companines providing long term housing finance to ‘middle class’ India with its presence in tier 2 & 3 cities who are under-served by traditional lenders / banks.
Speaking on the occasion, Mr. Harshadkumar T. Solanki said: “This tie-up opens up multiple opportunities for both institutions. The Bank will be able to penetrate deep into the markets of tier 2 & tier 3 cities at very competitive rates. Bank would be able to garner more and more housing loan segment business to the extent of Rs. 1000 crore in one financial year.
Mr. Sanjay Shukla said: “We welcome Bank of Baroda as one of our partners and believe in collaborative approach leveraging each other’s strengths to maximize the credit flow to underserved and unserved segments.”