Muthoot Homefin aims to disburse Rs 700 crore loans for affordable housing in FY22

Muthoot Homefin India Ltd (MHIL) on Sunday said it aims to disburse Rs 700-crore loans in the next financial year to cater to the affordable housing segment.

MHIL has disbursed over Rs 2,600 crore over the past five years since its inception, the company said in a release.

"For the coming year, in addition to further penetration into the existing geographies, Muthoot Homefin also plans to expand its operations in the southern states of India and aims to disburse up to Rs 700 crore of home loans in FY 2021-22," it said.

MHIL, which started its operations in 2016 to fulfil the needs of aspiring Indian homeowers, said it has successfully transferred over Rs 300 crore of loan subsidy under the Pradhan Mantri Awas Yojana's credit-linked subsidy scheme from NHB.

The company has also received Rs 225 crore of refinance from the National Housing Bank (NHB).

"Muthoot Homefin is aiming to disburse Rs 700 crore of home loans in 2021-22.

"We are steadfastly progressing on taking the 'Housing for All' initiative of the government to the farthest tier II and III locations in the country, to support the affordable housing needs and aspirations of every Indian," said Muthoot Group Managing Director George Alexander.

He said the company will focus on expanding the housing finance operations in the southern states of the country.

With the additional focus towards collections in 2020-21, the company has been able to contain delinquencies on the portfolio during the pandemic and have now stabilised its collections, Muthoot said.

With an asset under management of Rs 1,800 crore, the company has operations in 16 states and Union Territories of India serving more than 22,000 customers.

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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Free Press Journal