MUMBAI: World Bank group company IFC declared it will give $85 million loan to Dewan Housing Finance for affordable and energy-efficient residential units in the state.

Of the total loan, given with the support of the Canada Government, IFC will provide $ 70 million through borrowing, and the remaining $15 million will come from the IFC-Canada climate change program to financing green mortgages.

The green loan will decrease 6,200 tonne carbon emissions. By show casing the benefits of green homes, the project is expected to help the low and middle income segment society to acquire affordable energy –efficient homes.

Mentioning on the development, Dewan Housing Chairman and Managing Director Kapil Wadhawan said the investment will establish the viability of offering housing finance to low and middle income clients to buy homes.

IFC, in 2003 also provided a loan of around $12.5 million to Dewan Housing Finance. IFC also co-invested in Aadhar Housing Finance, a company jointly promoted by DHFL Group and IFC, which provides affordable home loans to low income borrowers.

, Dewan Housing Finance Lts (DHFL) is the second housing finance Company to be established in the country, however, with a unique mission, which is today benchmarked as a model of financial inclusion in the Indian financial services sector.