Mumbai, Sep 12 (PTI) Mortgage lender Vastu Housing Finance on Friday said it plans to borrow up to USD 50 million in a 20-year loan from the US International Development Finance Corporation.

An agreement for external commercial borrowing was signed between the two entities, as per an official statement.

Also Read | Kolkata Fatafat Result Time: Check Timings of Kolkata FF Result Charts Announcement for All 8 Bazis Played in Morning, Evening and Night.

Money raised from the route will be deployed for enhancing credit access for low-income borrowers, focusing on fulfilling housing needs and encouraging women's home ownership in Tier II to IV towns across India.

The lender focuses on affordable housing finance for the low-income and self-employed segments, with a strong emphasis on backing women borrowers.

Also Read | How To Apply for Ayushman Bharat Health Insurance Card Online for Senior Citizens? Step-by-Step Guide Here.

Having assets under management of USD 1.14 billion, the 2015-started Vastu is present in 14 states and employs over 4,500 people.

Started with seed capital from Renuka Ramnath-led Multiples Private Equity, Pramod Bhasin, Samir Bhatia, and Vikram Gandhi, it counts on investors like The International Finance Corporation (IFC), Norwest Venture Partners, Creation Investments, 360 One Asset Management Limited, TA Associates and Faering Capital as shareholders.

(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)