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| 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.
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