Aadhar Housing Finance will expand its operations to four more States, Uttaranchal, Maharashtra, Punjab, and Haryana, according to a top official.
The housing finance company currently operates through 62 branches in nine States — Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Orissa, Jharkhand, Bihar, West Bengal, Gujarat and Rajasthan.
It caters to economically weaker sections and lower- and middle-income customers and provides homes loans up to Rs.12 lakh.
“IFC, Washington, which has 20 per cent stake in our company, has given its concurrence for expanding our operations,” said Deo Shankar Tripathi, CEO.
Dewan Housing Finance holds 80 per cent stake in Aadhar Housing.
Aadhar is also planning to increase the maximum home loan amount from Rs.12 lakh to Rs.15 lakh. Currently, its average home loan ticket size is Rs.6.40 lakh.
Tripathi said the expansion into new States, where a total of 28 branches will be opened, will help his company double its home loan portfolio to Rs.2,000 crore in the current financial year.
Aadhar will also open 12 branches in the existing States where it has operations.
The minimum home loan ticket size of Aadhar is Rs.50,000. About 78 per cent of loan customers are salaried, and the remaining self-employed.