Women-centered Social Bond program of housing finance company Aavas Financiers Ltd. raised $50 million funds from UK’s development finance institution CDC Group.
Aavas intends to diversify its resource base, which will allow us to benchmark our long-term debt instruments on a global scale. This will enable Aavas to increase lending to its female customer base, allowing them greater access to finance and facilitating female property ownership. It claimed that the transaction will address the shortage of affordable housing, which is expected to reach a 100 million-unit shortfall by 2022, primarily among lower-income groups. With only 9% of households in India legally owned by women, access to finance is a key factor impeding women's ability to own property.