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India’s Top Mortgage Lender Signs ‘World’s Biggest’ Social Loan

  • HDFC completes $1.1 billion loan to finance affordable housing
  • HDFC prices social loan at margin of 90 basis points over SOFR
A Housing Development Finance Corp. (HDFC) bank branch in Mumbai.

A Housing Development Finance Corp. (HDFC) bank branch in Mumbai.

Photographer: Dhiraj Singh/Bloomberg

India’s top mortgage lender Housing Development Finance Corp. said it has secured the world’s biggest social loan, a $1.1 billion facility to fund affordable residences, underscoring potential for sustainability-linked financing. 

The loan package has been priced at a margin of 90 basis points over secured overnight financing rate. MUFG Bank Ltd. was the lead social loan coordinator and also one of the mandated lead arrangers and borrowers along with CTBC Bank Co., Mizuho Bank Ltd., State Bank of India and Sumitomo Mitsui Banking Corp., according to an HDFC statement.