Indiabulls Housing Finance Limited is a mortgage lender headquartered in Gurugram, Haryana, India. It is India's second largest housing finance company and is regulated by the National Housing Bank.[1] It is part of Sameer Gehlaut's Indiabulls group and contributes approximately 80% of the groups turnover.[2]
On 5 April 2019, the board of Indiabulls Housing Finance approved a merger with the private sector bank Lakshmi Vilas Bank. Indiabulls shareholders will receive a 90.5% stake in the consolidated entity, to be called Indiabulls Lakshmi Vilas Bank, and LVB will receive the remaining 9.5%.[3] The merged entity will create a net worth of ₹19,472 crore and a loan book ₹1,23,393 crore for the nine months of FY2019.[4][5] However the RBI resoundingly rejected the proposal from Indiabulls Housing Finance amid allegations of gross financial mismanagement and irregularities with connection to the promoter ex-billionaire Sameer Gehlaut.[6]
Technology and Digitisation
In 2016, Indiabulls Housing Finance announced that it would invest ₹100 crore in innovative technology platforms.[7] The same year it became the first mortgage company to complete an end-to-end digitisation of loan sanctions in India.[8] The company tied up with the Centre for Development of Advanced Computing and the Unique Identification Authority of India to offer e-signing using PAN and Aadhar numbers.[9] The mortgage agreements signed through this route as stored digitally in NSDL depository participant accounts.[7] It also has an application on Facebook, IB Easy which facilitates loan applications through social media.[10]
International Presence
Indiabulls Housing Finance bought a 40% stake in London based OakNorth Bank for £66 million in 2015, making it the largest shareholder in the bank which was founded by serial entrepreneur Rishi Khosla and specialises in lending to small businesses.[11] The company also has a branch office in Dubai, United Arab Emirates.[12] It provides loans to Non Resident Indians based in UAE to buy properties in India.[13]
Awards
Indiabulls Housing Finance was recognized as the Fastest Growing Housing Finance Company of the Year 2013-14 by NAREDCO. In 2015, the company was awarded Best Housing Finance Company by Realty Plus as well as Best Affordable Housing Finance Company of the Year by ASSOCHAM.[12]
- ↑ Indiabulls Housing Finance trims interest rates for existing borrowers by 15 bps - Mint Market Info. Livemint(23 January 2017).
- ↑ Indiabulls promoters split empire. Business Standard India(10 July 2014).
- ↑ Lakshmi Vilas finds a new home in Indiabulls. The Hindu(5 April 2019).
- ↑ Lakshmi Vilas Bank to merge with Indiabulls Housing Finance. thehindubusinessline.
- ↑ Indiabulls Housing Finance raises Rs 200 crore from 2 public lenders. The Economic Times(12 June 2020).
- ↑ RBI rejects Indiabulls.
- ↑ 7.0 7.1 Indiabulls Housing Finance to invest over Rs 100 crore on technology. The Economic Times(30 June 2016).
- ↑ Indiabulls Housing digitises home loans - Times of India. The Times of India(26 July 2016).
- ↑ Now, you can avail a home loan online!. Rediff(5 August 2016).
- ↑ Zeroing in on a home loan online. Livemint/(5 April 2017).
- ↑ Indiabulls Housing Finance buys 40 per cent in UK bank. The Economic Times(12 November 2015).
- ↑ 12.0 12.1 Indiabulls Housing Finance Ltd.. Business Standard India.
- ↑ Indiabulls marks out its turf in Dubai. GulfNews(25 February 2015).