Sundaram Home Finance eyes affordable housing biz; to open 10 new branches
The company is set to foray into the affordable housing segment and will be looking at disbursing home loans of up to Rs 35 lakh.
Lakshminarayanan Duraiswamy, MD
CHENNAI: After its diversification into the small business loans segment in October last year, Sundaram Home Finance is planning further diversification in the home finance space.
The company is set to foray into the affordable housing segment and will be looking at disbursing home loans of up to Rs 35 lakh.
The company will focus on Tier 2 and 3 towns for its expansion into the affordable housing segment.
Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance said
“This is a natural extension of what we have been doing since inception. Focusing on the retail customer segment in Tier 2 and 3 towns is an integral part of our growth plans.
The government’s stated intent is to focus on the smaller customers in the affordable housing space. We believe we understand this space well and are well positioned to leverage the opportunity that this segment presents.
We think that this segment has the potential to be a fast growing one for us in the long term.”
On the plans for the affordable housing segment, Lakshminarayanan said, “We plan to open around 10 branches in tier 2 and 3 towns in TN and AP and hire 50-75 people exclusively for the affordable housing segment in the first phase, by March 2024.”
