Girish Kousgi to Join IIFL Home Finance as CEO
Girish Kousgi, a mortgage industry veteran and currently the Chief Executive Officer of PNB Housing Finance, is set to take over as the CEO of IIFL Home Finance, a subsidiary of IIFL Finance. He will replace Monu Ratra, who stepped down as Executive Director and CEO on August 14, 2025.
This marks the first major leadership change at IIFL Home Finance since the Abu Dhabi Investment Authority (ADIA) acquired a 20% stake in June 2022.
IIFL Home Finance – Market Leader in Affordable Housing
As of June 30, 2025, IIFL Home Finance reported a loan book of over ₹40,000 crore, making it the largest affordable housing finance company in India. It operates through 374 branches across 20 states, catering primarily to middle-income and first-time homebuyers.
Kousgi’s Tenure at PNB Housing Finance
Known for his turnaround expertise, Girish Kousgi took charge of PNB Housing Finance in October 2022, when the company was struggling with asset quality challenges and a depressed stock price.
Under his leadership:
- The stock price delivered over 3x returns.
- The company stabilized its loan book and regained investor confidence.
However, his premature exit—ahead of his four-year term ending—has raised concerns among investors. According to an exchange filing dated August 3, 2025, Kousgi’s tenure will officially conclude on October 28, 2025, while Ratra’s tenure at IIFL ends on October 6, 2025.
Evolution of IIFL Home Finance
- In 2009, the National Housing Bank granted IIFL approval to operate in housing finance.
- By 2014, the company shifted its strategy toward retail housing loans, with Monu Ratra appointed as CEO.
- During the 2019–20 three-way demerger of IIFL Group, IIFL Home Finance was positioned as a subsidiary of IIFL Finance.
Today, the company is one of the most recognized names in the affordable housing finance sector in India.
What Lies Ahead – Listing Plans in Focus
Industry insiders believe the leadership transition signals bigger plans. According to a senior executive in the housing finance sector:
“Apart from driving growth, one can expect IIFL Home Finance to move toward a stock market listing under Girish Kousgi’s leadership.”
This aligns with IIFL Finance’s long-term strategy of unlocking value through a potential IPO of its housing finance arm.
