India Post Payments Bank and LIF Housing Finance announce strategic partnership

For providing home loan products to customers of India Post Payments Bank

India Post Payments Bank (IPPB) and LIC Housing Finance today announced a strategic partnership for providing home loan products to over 4.5 crore customers of IPPB. Through its robust and extensive network of 650 branches and more than 136,000 banking access points, IPPB will make LICHFL's home loan products accessible to its customer's pan-India.

As part of the Memorandum of Understanding (MoU), credit underwriting, processing, and disbursement for all home loans will be handled by LICHFL with IPPB responsible for sourcing. The alliance with LICHFL is part of IPPB's strategy to expand its range of products and services, and to cater to the banking and financial needs of diverse customers, especially unbanked and underserved, across the country. Currently, IPPB is distributing various general and life insurance products through partnerships with leading insurance companies, and credit products is a natural extension for the customers at the last mile. IPPB's on-ground workforce of nearly 200,000 postal employees (Postmen and Gramin Dak Sevaks) equipped with micro ATMs and biometric devices through its innovative Doorstep Banking Service will play a significant role in offering LICHFL's housing loans.

 

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