Shares of HDFC are currently trading 0.5% lower at Rs 2,402.85 on the BSE.

Indiabulls Housing Finance will originate retail home loans as per jointly drawn up credit policy and retain 20% of the loan in it's books and 80% will be on HDFC books. Indiabulls Housing Finance will service the loan account throughout the life cycle of the loan.

Co-lending partnership with HDFC will act as a cornerstone to the company's new balance-sheet light growth business model. Moreover, technology led co-lending will help the company offer convenient and seamless experience to its customers as well as help expand its reach to Tier III and IV towns of the country, Indiabulls Housing Finance said.

HDFC is the market leader in the housing finance industry in India with assets under management of Rs 5,52,167 crore as at end of December 2020.

Indiabulls Housing Finance's primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services.