Muthoot Homefin India Ltd (MHIL) on Sunday announced plans to disburse loans of Rs 700 crore in the next fiscal year to cater for the affordable housing segment.
MHIL has disbursed more than Rs 2,600 crore in the past five years since its inception, the company said in a statement.
“For the coming year, in addition to further penetration into existing geographic areas, Muthoot Homefin also plans to expand its operations in the southern states of India and aims to disburse up to Rs 700 crore mortgage loans in fiscal year 2021-22, “‘It said.
MHIL, which began operations in 2016 to serve the needs of aspiring Indian homeowners, said it has successfully transferred over 300 crore in subsidized loans under the NHB’s Pradhan Mantri Awas Yojana credit-related grants program.
The company also received Rs 225 crore in refinancing from the National Housing Bank (NHB).
Muthoot Homefin aims to disburse Rs 700 crore in mortgage loans in 2021-2022.
“We are making steady progress in implementing the government’s Housing for All initiative in the most remote Level II and III locations across the country, to meet the affordable housing needs and aspirations of every person.” Indian, “said Muthoot Group Managing Director George Alexander.
He said the company will focus on expanding housing finance operations in the southern states of the country.
By focusing more on collections in 2020-21, the company was able to contain defaults on the wallet during the pandemic and has now stabilized its collections, Muthoot said.
With assets under management of Rs 1,800 crore, the company operates in 16 states and territories of the Indian Union serving more than 22,000 clients.
MHIL said that with its recent credit rating upgrade to AA-plus by CRISIL, the company will be able to raise funds even more competitively.
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