MUMBAI: Housing Development Finance Corporation (HDFC) has announced the completion of the USD 1.1 billion Syndicated Social Loan Facility for the financing of affordable housing in India. The loan has been priced 90-bps over Secured Overnight Financing Rate.

"Given its close ties to nearly 300 different industries, affordable housing is both an essential part of high-quality infrastructure and a growth engine for the real estate sector and the economy as a whole. It helps provide opportunities for income, employment, and capital formation "said HDFC Ltd. Chairman Deepak Parekh.

In addition to being one of the Mandated Lead Arrangers and Borrowers for this transaction, MUFG Bank Ltd. also serves as the Lead Social Loan Coordinator (MLAB). The other MLABs and Joint Social Loan Coordinators are CTBC Bank, Co. Ltd, Mizuho Bank Ltd, State Bank of India, and Sumitomo Mitsui Banking Corporation.

The gross loan book of HDFC, which has financed 9.5 million housing units, is worth Rs 6.7 lakh billion.
HDFC's Social Financing Framework is conforming with the globally-recognised social loan frameworks designed for participants in the sustainability financing market to consistently certify, track and monitor the social impact of financing assets.

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