ADB grants USD 60 million to Aavas financiers to improve women’s access to housing in India

ADB grants USD 60 million to Aavas financiers to improve women’s access to housing in India

ADB grants USD 60 million to Aavas financiers to improve women’s access to housing in India

The Asian Development Bank (ADB) has signed an agreement to lend up to $60 million in Indian rupee equivalent to Aavas Financiers Limited, a housing finance company in India, to improve access to housing finance for lower-income borrowers in the country, particularly women.

The loan is disbursed under ADB’s Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States Project. Aavas will use the funds to provide housing finance to women in low-income communities either as primary borrowers or co-borrowers.

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India is experiencing a severe housing shortage estimated at 18.7 million units in urban areas and 43.7 million units in rural areas, mostly affecting low-income groups. They face several challenges in obtaining mortgages including a lack of documents to prove their incomes.