Private sector IndusInd Bank said on Wednesday that it has signed a memorandum of understanding with leading home-loans lender HDFC to sell the latter's home loans for purchase, construction, extension and renovation of residences by individuals.
As per the deal, the processing, disbursement and servicing functions for all home loans sourced by IndusInd Bank will rest with HDFC, a press release issued here stated.
"The tie-up with HDFC is an important milestone for IndusInd Bank.
This strategic alliance is a part of our expansion strategy.
"We decided to tie-up with HDFC considering its number one position in the home-loan market and its best-in-class customer services. We see great synergy in the tie-up.
"This alliance will open up new markets and customers for both IndusInd Bank and HDFC," IndusInd Bank's managing director and chief executive officer, Romesh Sobti, said.
The bank's head of consumer banking, Sumant Kathpalia, said, "We are delighted to announce the tie-up
"As a result of this partnership, IndusInd Bank will now offer a complete bouquet of banking solutions across various products and services."
HDFC's managing director, Renu Sud Karnad, said, "We are happy to announce our partnership with IndusInd Bank, a leading new-generation private bank. For us, this partnership is an important one and will strengthen our distribution network.
"It will enable us to sell home loans from over 300 branches of IndusInd Bank."