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Aadhar Housing Finance Pvt Ltd plans to add five to seven more branches in the next fiscal.
The company, an 80 per cent subsidiary of Dewan Housing Finance Corporation Ltd, looks to expand operations of its existing network spread across seven States in north and eastern parts of the country. IFC has 20 per cent stake in the company.
Launching its 17{+t}{+h} branch at Howrah, the twin city of Kolkata, Harshil Mehta, Chief Executive Officer of Aadhar Housing Finance, said the company expects more than 20-40 per cent growth in 2013-14.
The Rs 200-crore housing finance company currently provides home loans worth up to 12 lakh with a maximum interest rate of 12.5 per cent. “Our aim is to cater to the middle-income group and average loan size is Rs 6.3 lakh,” Mehta said. The company has operations in Madhya Pradesh, Uttar Pradesh, West Bengal, Odisha, Bihar, Chhattishgarh and Jharkhand through 17 branches.
Expansion in South
The company also plans to open units in the South over the next couple of years. Mehta said the company would probably start off with Karnataka and Tamil Nadu.
> ayan.pramanik@thehindu.co.in
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