Bank of Baroda has entered into a strategic co-lending agreement with JM Financial Home Loans Limited (“JMFHL”), the housing finance arm of JM Financial Group, for offering retail loans to home buyers. The association will create an effective lending model synergising the expertise of both Bank of Baroda and JMFHL to provide a seamless experience to retail home loan customers.
Speaking on the partnership, Mr. Vikramaditya Singh Khichi, Executive Director at Bank of Baroda said, “There is huge potential in the retail home loan space that can be tapped through co-lending partnerships between large organisations like Bank of Baroda and finance players like JM Financial Home Loans. With the Bank’s expertise in mortgage loan processing and low cost of funds, we are confident that this partnership will accelerate credit delivery to homebuyers, thus boosting the home buying segment.”
Speaking on the announcement, Mr. Vishal Kampani- Managing Director, JM Financial Group said, “We are extremely pleased to enter into a partnership with Bank of Baroda to mutually benefit from co-lending activities. We are proud of our existing relationship with Bank of Baroda and this co-lending partnership will further boost our relationship. There is a lot of complementarity in our franchisees which will help in providing a compelling offering to the retail home loan customers.”
Mr. Manish Sheth, CEO, JM Financial Home Loans Ltd said, “We are excited that India’s second largest best public sector bank has chosen us as one of their co-lending partners. We believe co-lending will enable us to penetrate deeper into the home loan market. The alliance will create value for both businesses and customers.”