Good News Women Home Loan borrowers – ADB + AAVAS to lend $60 million
Asian Development Bank (ADB) agreement with Aavas Financiers Limited (Aavas)
Firstly, The Asian Development Bank (ADB) made an agreement with Aavas Financiers Limited (Aavas). ADB plan to ends $60 million towards home loan credit for lower-income women borrowers.
Aavas Financiers Limited (Aavas) – housing finance company
Aavas Financiers Limited (Aavas) is a housing finance company located in India. In fact, Their Mission is to help home loans more accessible to lesser-income groups. Moreover, Women take priority for loan approval.
Aavas $60 million house financing for women
It’s great news to all women in India to hear about Aavas $60 million house financing for women. However, Women of Lower income groups are a priority. It is a ray of hope for every woman who yearns to have a roof over their head all their life.
Mortgage loans for housing needs
Ms. Susan Olsen is a Senior Investment Specialist at ADB’s. She says Low-income women in India struggle to mortgage loans for their housing needs. By the way, It results in women’s low social status- poverty-vulnerability & low bargaining power. ADB is Indeed contributing to our community through Aavas to empower women across India.
Women hold priority for Aavas housing loans
Mr. Sushil Kumar Agarwal, MD & CEO-Aavas says they are happy to join hands with ADB. By all means, It has made them realize their company mission through ADB. The company’s goal has been to aid low income Indian families to have their own home. Most of all, Women hold priority for Aavas housing loans. Aavas wants to extend profound presence in backward states of India too with this move. Above all, Aavas say their growth journey is smooth with ADB’s Partnership.
Biggest hurdle of housing finance is the limited access to long term credit
Mr. Ghanshyam Rawat is CFO & Co-founder Aavas. He says that the biggest hurdle of housing finance is the limited access to long term credit. ADB is keen to fund long term housing credits to under-served community of India. In particular women in India. It helps to boost investor confidence in home loan sector too.
Aavas disburses home loans under ADB project of lower income women group. It is a scheme meant for backward states of India. Women are main applicants or co-applicants of this Aavas house credit.
Biggest hurdle of housing finance is the limited access to long term credit
We all know that India is facing million units of housing shortage both in Urban and rural areas. The worst affected are the low income groups. People face lots of challenges in securing mortgage loan for housing needs. Lack of income proof and documentation is one of the top hurdles too.
Do not worry. Aavas lands great housing finance scheme in affordable housing credit in India. They have more than 70 billion assets with 245 branches all over India.
ADB, established in 1966 has great commitment to achieve prosperous Asia Pacific. They drive great efforts to remove poverty.