Mortgage lender Vastu Housing Finance on Friday said it plans to borrow up to $50 million in a 20-year loan from the US International Development Finance Corp.
An agreement for external commercial borrowing was signed between the two entities, as per an official statement.
Money raised from the route will be deployed for enhancing credit access for low-income borrowers, focusing on fulfilling housing needs and encouraging women's home ownership in Tier II to IV towns across India.
The lender focuses on affordable housing finance for the low-income and self-employed segments, with a strong emphasis on backing women borrowers.
Having assets under management of $1.14 billion, the 2015-started Vastu is present in 14 states and employs over 4,500 people.
Started with seed capital from Renuka Ramnath-led Multiples Private Equity, Pramod Bhasin, Samir Bhatia, and Vikram Gandhi, it counts on investors like The International Finance Corporation, Norwest Venture Partners, Creation Investments, 360 One Asset Management Limited, TA Associates and Faering Capital as shareholders.
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