ADB Invests USD 70 Million in Vastu Housing for Affordable Homes

New Delhi, Dec 23 (PTI) Manila-based multilateral funding agency Asian Development Bank (ADB) has committed USD 70 million (about Rs 595 crore) to Vastu Housing Finance to bolster affordable home loans.

The loan will enhance access to affordable and sustainable housing loans for underserved borrowers, with 15 per cent of the funds allocated specifically to first-time borrowers, Vastu Housing Finance said in a statement.

The partnership aims to bridge the credit gap for economically weaker sections and low-income groups, with a strong focus on promoting women's homeownership.

Vastu focuses on affordable housing finance for the low-income and self-employed segments, with a strong emphasis on backing women borrowers in Tier II to IV towns across India.

Vastu started in 2015 with seed capital from Renuka Ramnath-led Multiples Private Equity, Pramod Bhasin, Samir Bhatia, and Vikram Gandhi.