Aadhar Housing Finance expects over 70% growth in Bengal

Aadhar Housing Finance is expecting over 70% surge in home loan disbursements this year in West Bengal following implementation of the Housing for All by 2022 and Smart City projects.

The company Chief Executive Officer Deo Shankar Tripathi said the eastern region has witnessed a healthy rise in demand for affordable housing in the last few years.

"We expect this trend to continue on account of the sharp economic development in the eastern states with the implementation of the Housing for All by 2022 and the Smart City projects," he said.

"Eastern India particularly West Bengal is one of the most critical markets for the company. Since we first started our operations in 2012, our company has helped over 6,000 families build their homes in the eastern region with an average home loan size of Rs 6 lakh," he said.

Speaking about the company's performance in the region, Tripathi said that they have registered an impressive growth rate of over 45% in loan disbursement in the Eastern states of West Bengal, Chhattisgarh, Odisha, Jharkhand and Bihar.

The company has already provided loans to over 30,000 customers wherein over 6,000 are from this region. It has also disbursed Rs 360 crore till date which contributed 19% to the company's total loan book size which stood at Rs 1,810 crore as on March 31, 2016.

"We have set a target of doubling our loan book to Rs 3,500 crore by the end of current financial year," he said.

Established by Dewan Housing Finance Corporation Limited and International Finance Corporation, a member of the World Bank group, the company is a low income group segment-focused housing finance company, providing loans to salaried and self-employed individuals with monthly incomes ranging between Rs 5,000 to Rs 50,000.

The company has registered an impressive growth rate of 91% in loan disbursements during FY 2015-16 in comparison to the previous financial year.

The loan disbursement for the company during the last quarter of FY 2016 was Rs 1,000 crore which was 91% higher in comparison to the corresponding period last year.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel