Mumbai, Aug 5 (IANS): HDFC Ltd has announced the completion of the USD 1.1

billion Syndicated Social Loan Facility for the financing of affordable housing in India. The loan has been priced 90 basis points over Secured Overnight Financing Rate (SOFR).

"Affordable housing is a critical component of quality infrastructure as also a growth driver for the real estate industry and the economy at large given its strong linkages to nearly 300 industries. It contributes to capital formation, employment, and income opportunities," said Deepak Parekh, Chairman, HDFC Ltd.

MUFG Bank Ltd is the Lead Social Loan Coordinator for this transaction along with being one of the Mandated Lead Arranger and Borrowers (MLAB). CTBC Bank, Co. Ltd, Mizuho Bank Ltd., State Bank of India and Sumitomo Mitsui Banking Corporation are the other MLABs and Joint Social Loan Coordinators.

HDFC has financed 9.5 million housing units and has a gross loan book of Rs 6.7 lakh crore.

HDFC's Social Financing Framework is in line with globally-recognised social loan frameworks designed for participants in the sustainability financing market to consistently certify, track and monitor the social impact of financing assets.