Sundaram Home Finance expands in west India

CHENNAI: As part of its expansion outside South India, Sundaram Home Finance has opened a new home loan branch in Navi Mumbai. This is the company’s second branch in the Mumbai region after Thane.

Lakshminarayan Duraiswamy, MD, Sundaram Home Finance said, “Mumbai is the largest and fastest growing real estate market in the country. We currently operate out of Thane catering to the outskirts of Mumbai. This expansion in the business capital is driven by the growth of Navi Mumbai and the potential it offers for our home finance business. We will continue to focus on the mid-range housing segment in Mumbai.”

He added “We currently disburse home loans of around Rs 100 crores annually in the Mumbai region and believe we can double this, next year.”

In Maharashtra, it has presence in Pune, Nashik and Nagpur outside the Mumbai region. The company has registered annual disbursements of over Rs 225 crore in Maharashtra and is targeting to double its disbursements in the state next year.

Lakshminarayanan inaugurated the new branch on Thursday.

The company has 135 branches in the Southern region and in MP, Rajasthan, Maharashtra and Gujarat.

Sundaram Home Finance registered a net profit of Rs 62 crore for Q3 ended December 31, 2023 on disbursements of Rs 1,252 crore.