Postcards from the Hallways: Affordable Housing in India



Even after saving for 15 years, Dr Malti Kumari and her husband Rajeshwar could not afford to buy their own home in Ranchi—capital of one of India’s poorest states, Jharkhand. Local banks turned them down, citing their irregular incomes.

Then they met Aadhar Housing Finance, a joint venture of IFC and its longtime client Dewan Housing that offers mortgages and small construction and home improvement loans to lower-income Indians.

Understanding their needs, Aadhar provided a modest 10-year loan that allowed Malti and her husband to build a new home in Ranchi—leaving money in the family budget to pay for the education of 13-year-old daughter Srishti, who wants to be
a doctor.

IFC’s work with Aadhar, Dewan and others in the affordable home finance market supports the Indian government’s goal of Housing for All. It dates to 1977-78, when IFC financed the first private mortgage bank in India, HDFC, helping fill a big gap in housing finance for vast numbers of borrowers.


Read more: | #6DecadesOfExperience

IFC has invested more than $3 billion in housing finance in over 46 countries worldwide. We focus on regions where large populations live in sub-standard housing and have limited access to credit to build, expand, or renovate their homes.


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