Mumbai, October 10, 2013: Indiabulls Housing Finance Ltd (IBHFL), the country's third largest housing finance company, has received approval from the Reserve Bank of India to raise $200 million through external commercial borrowing (ECB), giving the company access to another source of inexpensive funding.

"The approval to raise funds through ECB provides Indiabulls Housing Finance with another option to raise low-cost funds. We are extremely pleased with the further diversification of our funding process, which will help to bring down risk and also enable us to be more competitive." said Gagan Banga, MD & CEO of IBHFL.

The funds raised through the ECB will be used for financing of low-cost affordable housing projects.

About us:
Indiabulls Housing Finance Ltd (IBHFL) is the 3rd largest housing finance company in India, regulated by the National Housing Bank (NHB). It has a network of 205 branches, and a sales team of about 2000 dedicated and trained employees. It provides quick, convenient and competitively priced home loans to both salaried and self-employed customers. For the quarter ending June 2013, the company reported a 31.5% growth in profit after tax to Rs. 351.5 crores. For the fiscal year ending March 2013, the company reported a 25.80% increase in profit after tax at 1,265.99 crore. IBHFL has AA+ long-term credit rating

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