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Fullerton India, a non-banking finance company, announced it has received licence from National Housing Bank to commence housing finance business. The new housing finance company is a fully owned subsidiary of Fullerton India and will operate as Fullerton India Home Finance Company (FIHFC).
“Fullerton India Home Finance Company will largely cater to affordable housing in the lower- and middle-income segments through Fullerton India’s widespread branch network. The new company will provide customers access to a diversified loan portfolio across loan against property, mortgage loans and home loans,” said Fullerton in a statement.
The average ticket size for these loans will be in the ₹6-7 lakh range.
Shantanu Mitra, Managing Director and CEO, Fullerton India, said: “Currently, there is a huge demand in the affordable housing segment across the country. The government has also demonstrated its focus to address this shortage through the ‘Housing for all 2022’ policy.
Fullerton India had applied for a housing finance licence early this year.
In FY15, the company reported a 60 per cent increase in profits, while its assets under management grew 39 per cent.
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