IndiaBulls Home Loan

News About Indiabulls Bank Home Loan

• Indiabulls Housing Finance jumps 2% before cutting down gains later

  Indiabulls Housing Finance’s shares jumped 2% on the Bombay Stock Exchange (BSE) after reports claimed that the non-banking finance company (NBFC) had raised over Rs.23,600 crore in the last 2 months through loan portfolio sales and debt capital market. However, as the session progressed, the stock failed to hold onto to its gains and dropped flat towards the end. The scrip was recorded trading at Rs.707.55, up 0.02% on BSE at 10 am. Despite the NBFC sector’s liquidity crisis after the Infrastructure Leasing and Financial Services (IL&FS) defaulted on its debts during the quarter ended 30 September 2018, the company has been able to raise significant funds owing to a combination of loan portfolio sales and debt capital market, with the objective of maintaining high levels of funds.

  

  5 December 2018

• Indiabulls Housing Finance increases home loan interest rates by over 20 basis points

  In order to counter the impact of the rising funding cost on the company, Indiabulls Housing Finance has reportedly announced a hike in the home loan interest rates by over 20 basis points (bps) or 0.20%. For home loans up to Rs.35 lakh, the rate of interest applicable to women applicants and co-applicants stand at 8.80% while the for other applicants and co-applicants, the interest rate on the same loan amount starts from 8.85%. Similarly, the rate of interest applicable to women applicants and co-applicants for loan amount above Rs.35 lakh has been raised to 8.95% while the interest rate for other applicants and co-applicants on the same starts from 9.00%. According to reports, the rise in interest rates can be the result of the rising cost of funds for the company.

  

  12 November 2018

• Indiabulls Housing Finance hikes interest rates on home loans by up to 20 points

  In a filing to the BSE on Tuesday, Indiabulls Housing Finance announced that the interest rates on home loans have been hiked by up to 20 points. The announcement was made a few days after the Reserve Bank of India’s (RBI) bi-monthly monetary policy review meeting held on 05 October 2018. However, the RBI announced that there will be no change in the key policy rates. The repo rate and reverse repo rate has been kept unchanged at 6.50% p.a.and 6.25% p.a. after hiking the key rates twice in the last two monetary policy reviews. Other commercial banks and financial institutions have also made changes to the marginal cost of funds based lending rates (MCLR). This, in turn, will be passed on to the interest rates on the home loans. According to reports, women applicants/co-applicants can avail Indiabulls Housing Finance home loans up to Rs.35 lakh at an interest rate of 8.80%. For loans amounts above Rs.35 lakh, the rate of interest applicable to women borrowers is set at 8.95%. The lowest slab of loan amount was raised from Rs.30 lakh to Rs.35 lakh by the bank in August so that a wider range of customers can benefit from the best possible rate.

  

  9 October 2018

• Indiabulls housing finance: Home loan interest rates likely to remain under 9%

  According to Ashwini Hooda the Deputy Managing Director of Indiabulls Housing Finance, home loan interest are expected to be hiked but not more than the average 9% in FY19. Hooda comments came only a few days after the Reserve Bank of India hiked its key rates with the repo rate standing at 6.50% - an increase of 25 points - and the reverse repo rate holding at 6.25%. The company also announced its financial results for Q1 FY 2018-19 on Thursday. The Indiabulls Housing Finance recorded a consolidated net profit of Rs.1,049 crore - a 30% rise - for the quarter. On the other hand, HDFC reported a net profit growth of 54% owing to its healthy growth individual loan in the affordable housing segment.

  

  9 August 2018

• Indiabulls Housing Finance hike home loan interest rates by 20 basis points

  Indiabulls Housing Finance Ltd. (IBHFL) has announced an increase of 20 basis points (bps) on home loan interest rates. The hike in interest rates is a result of the consecutive raise on repo rate by the Reserve Bank of India (RBI). The repo rate was raised by 25 bps to 6.50% on Wednesday. Women borrowers can now avail home loans up to Rs.35 lakh with interest rates starting from 8.7% and for loans above Rs.35 lakh, the rate of interest starts at 8.8%. For other customers, the rate of interest would be 5 bps higher. Both existing and new customers of IBHFL will be charged with new interest rates. All the existing customers will be communicated of the rise in interest rates via SMS and email to ensure that the information is passed on to everybody, announced the company.

  

  8 August 2018

• Indiabulls Housing Says Affordable Housing Sector Sees Sale Of 8,000-10,000 Units Every Month

  Gagan Banga, the Vice Chairman and MD of Indiabulls Housing Finance in an interview has mentioned that the company is seeing the sale of around 8,000 to 10,000 units per month in the affordable housing sector. He accounted the figure to the company’s average ticket size which is around Rs.25 lakh and added that the company’s business is growing at an annualised rate of 35-40 percent. Gagan on being asked about the company’s borrowings, he stated that 80 percent of their borrowings came from bonds and other instruments. He was hopeful that interest rates would start moving up which will also result in home loan rates increasing in the near future.

  

  9 April 2018

• Deputy Managing Director Of Indiabulls Housing Finance Sees Premium Housing Blooming Late

  Ashwini Kumar Hooda, the Deputy Managing Director of Indiabulls Housing Finance in a interview stated that he expected premium housing in the country to bloom later even though affordable housing is growing well in recent times. Hooda, who in the interview was asked a series of questions on varied topics shed light into the company’s business in the past and provided a roadmap of the future. On being asked about the company’s Q3 AUM growth, he said that that the company was able to grow faster than 30 percent in the past couple of years and in FY17 affordable housing constituted 33 percent of it. He added that in the current financial year the company expected it to be close to 35 percent. The Deputy Managing Director added that currently the company is getting higher ratings from international rating agencies as the company is now constituted of 60 percent home loan, 20 percent LAP and 20 percent construction finance unlike two years back. He was hopeful that the company would be able to achieve optimum mix by FY20. With regard to banks hiking MCLR, he added that for them it is not a concern as they primarily borrow from the bond which is cheaper than bank market. Hooda on being asked about expansion plans, he stated that they are going into tier-3, tier-4 cities and have opened nearly 80 low cost branches, which are purely technology based.

  

  30 March 2018

• Indiabulls Record a 35% Rise in Net Profit this Q3

  India’s second largest housing finance company has registered a net profit of 35% in Q3 that ended December 2017. The registered net profit for Q3 was registered at Rs.11.67 billion. Last quarter ending September, the profit recorded by the company was Rs.8.61 billion. On a year-to-year basis, the company saw a 55.4% rise in net profit. The rise in profit is also associated with the fact that Indiabulls have sold 33% stake to OakNorth bank limited. This deal was closed at Rs.7.70 billion. It the company were not to account for this sale, their year-on-year profit growth would be 24%.

  

  31 January 2018

• Indiabulls Housing Finance Grows Remarkably, Reports a 55% Increase in Net Profit

  For the third quarter of this fiscal year, Indiabulls Housing Finance Limited reported its consolidated net profit to be at Rs.1,167.73 crore - a 55.38% rise. Meanwhile, the revenues for the same term increased organically to more than Rs.4,000 crore.

  Gagan Banga, the Vice-Chairman and Managing Director of the Indiabulls Housing Finance, spoke about the remarkable performance of the company and said that they aim to grow organically in the coming months.

  He also appeared to be quite optimistic about the government’s efforts in the affordable housing sector and expected them to push it in the upcoming budget too.

  

  30 January 2018

• Rs. 1,000 crore raised by Indiabulls

  Indiabulls Housing Finance Limited (IBHFL) has raised Rs. 1,000 crore by issuing India’s first Social Affordable Housing Bond. The private lender Yes Bank was the sole party responsible for arranging and subscribing the bonds.

  This bond will adhere to the Social Bond Principles, 2017, issued by the International Capital Market Association. As per these principles, KPMG will annually provide assurance services on the use of bond proceeds, in-line with the principles.

  The bond will have a tenure of five years and has been rated ‘ICRA AAA’ by the Information and Credit Rating Agency of India (ICRA). The Credit Rating Information Services of India Limited too has given the bond ‘AAA’ rating. Additionally, the bond will be listed on the National Stock Exchange Limited and Bombay Stock Exchange Limited.

  The funds generated from the bonds will be used to bankroll and refinance the requirements in the affordable housing sector. They will also be directed towards the beneficiaries and developers, who fall under the Pradhan Mantri Awas Yojana.

  

  10 January 2018