New Delhi, Dec 23 (PTI) Manila-based multilateral funding agency Asian Development Bank (ADB) has committed USD 70 million (about Rs 595 crore) to Vastu Housing Finance to bolster affordable home loans.

The loan will enhance access to affordable and sustainable housing loans for underserved borrowers, with 15 per cent of the funds allocated specifically to first-time borrowers, Vastu Housing Finance said in a statement.

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The partnership aims to bridge the credit gap for economically weaker sections and low-income groups, with a strong focus on promoting women's homeownership.

Vastu focuses on affordable housing finance for the low-income and self-employed segments, with a strong emphasis on backing women borrowers in Tier II to IV towns across India.

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Vastu started in 2015 with seed capital from Renuka Ramnath-led Multiples Private Equity, Pramod Bhasin, Samir Bhatia, and Vikram Gandhi.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)