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Mumbai-based Aadhar Housing Finance Ltd, set up jointly by Dewan Housing Finance Corporation Ltd (DHFCL) and International Finance Corporation (IFC), is looking at fresh disbursements to the tune of ₹600 crore this fiscal (FY15).
Aadhar focuses on providing home loans of a maximum up to ₹12 lakh. It has provided financing options to over 11,000 families. It operates mostly in Tier-III and Tier-IV cities.
According to Harshil Mehta, Managing Director and CEO, Aadhar Housing, the company’s loan portfolio is expected to grow to over ₹1,000 crore by the end of this fiscal.
“While new loans will be to the tune of ₹600 crore, our portfolio size would over ₹1,000 crore,” he told newspersons during a press conference.
The company, currently, has operations in nine States — West Bengal, Uttar Pradesh, Madhya Pradesh, Bihar, Odisha, Jharkhand, Chhattisgarh, Gujarat and Rajasthan.
Re-financing According to Mehta, the company will also apply to the National Housing Bank (NHB) for refinancing. Housing finance companies can approach the NHB for refinancing after completion of three years of operations.
“We hope to apply to the NHB this year for obtaining refinance facilities,” he added.
The refinance facility will help Aadhar bringi down its cost of funds. The benefits can then be passed on to the borrowers.
At present, the company charges 10.75 per cent interest on floating rate loans.
Aadhar is also planning to expand operations to Maharashtra and the southern States in FY16.
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