Ummeed Housing secures Rs 250 cr from BII to boost affordable housing

Gurugram-based Ummeed Housing Finance Pvt Ltd (UHFPL), an affordable housing finance company, on Tuesday said it has secured Rs 250 crore in funding from British International Investment (BII).

BII is the UK's government development finance institution.

The investment will enable Ummeed to provide more low-cost long-tenure housing finance to low-income groups in India. The funds will be deployed as mortgage-backed loans to underserved borrowers, with a strong emphasis on empowering them through property ownership and financial inclusion, the company said in a statement.

These loans will support homeownership, in line with Ummeed's commitment to inclusive growth, it added.

The fresh infusion of capital is expected to benefit up to 3,000 women borrowers through mortgage-backed loans and has been qualified as a 2x investment, part of a global initiative aimed at advancing women's economic empowerment.

''This BII facility will help us drive the development agenda, leading to the improvement in the quality of life for borrowers and co-borrowers in the low- and middle-income strata of the society,'' Ashutosh Sharma, Founder & Managing Director, UHFPL, said.

Ummeed has already served over 33,000 customers and has more than Rs 2,400 crore in assets under management.

Shilpa Kumar, Managing Director and Head of India, British International Investment, said, ''By increasing access to housing finance through Ummeed, we are helping more women to build their financial resilience. It is in line with the government's vision of facilitating 'Housing for All' and we ensure the support reaches those who need it the most''.

UHFPL primarily provides affordable housing finance to the low- and middle-income households.