Aspire Home Finance Corporation Limited, India’s only national affordable housing finance company forays into Karnataka – Targets affordable housing finance segment
● Starts Bengaluru operations; 7 more branches in Karnataka have become operational with this launch
● Targeting 750 customers in Karnataka by this fiscal end; targets 5,000 disbursals next fiscal
● Pegs loan limit at Rs 25 lakhs
Bengaluru, January 18, 2017: Aspire Home Finance Corporation Limited (AHFCL), India’s only national affordable housing finance company, today announced its foray into Karnataka to exclusively & aggressively meet the housing finance needs of lower & middle income (LMI) group and in the process pave way to meaningfully contribute towards the Government of India’s ambitious goal of “Housing for all by 2022″.
AHFCL has opened its office at Bengaluru at “Building No.28, 1st Floor, Situated at Kadirenhalli Village, 80 Feet Road, Revenue Radhakrishna Layout, Padmanabhanagar, Ward no 55, Bengaluru – 560070” (Branch Manager : Mr. Harun Khan- 9164743003)
AHFCL’s Karnataka operations will follow the hub and spoke model across Bengaluru, Mysuru, Hubballi, Shivamogga, Kalaburagi, Belagavi, Davangere & Hosapete and through these will cover extended geographical areas to meet the aspirations of LMI group in acquiring their dream home with affordable financing solutions. All branches in Karnataka have become fully operational with the launch.
The Bengaluru branch of AHFCL was inaugurated here today by Mr. Anil Sachidanand, MD & CEO, AHFCL in the presence of Mr. Satish Kotian, COO, AHFCL; Mr. Girish Bhat, Karnataka State Head, AHFCL and other senior executives from AHFCL. On this occasion, the first disbursement cheque was handed over to AHFCL’s first customer in Bengaluru.
According to Mr. Anil Sachidanand, “The central Government under its flagship scheme Pradhan Mantri AwasYojana (PMAY) has a target to set up 90 million houses to realise its mission of ‘Housing for all by 2022’. AHFCL being amongst one of the first HFCs to become a primary lending institution under PMAY, is keen to build a substantial portfolio and be part of the nation building exercise. Since AHFCL is the only affordable housing finance company in India with a national presence, we are confident of playing a meaningful role in the mission of Housing for all by 2022.”
Further, he pointed out, “Mortgage as percentage of GDP in India is 9.2% which is extremely low when we compare the same with developed countries, pointing to the huge growth potential in the housing finance industry. In-fact for Karnataka, this penetration is even lower at around 8.1%, thereby making it even more compelling to focus aggressively to do the catch up and promote housing in the State.”
Against this background, Mr. Satish Kotian revealed, AHFCL is foraying into Karnataka and have a target to extend housing loans to around 750 customers by this fiscal end and plan to add 5,000 customers next fiscal. To ensure hassle free service, AHFCL has completely digitized processes aimed at reducing paper work so as to minimise turn-around time for processing loan application.
Commenting on Karnataka plans, Mr. Girish Bhat, said, “Aspire has a retail focus and offers loans up to Rs.25 lakhs. Our offerings include new purchase home loans, resale purchase home loans, construction loans, composite loans (Plot + Construction), home improvement loans & home extension loans.” Further, he added, AHFCL is keen to promote its women centric product – MALA (MahilaAwaas Loan from Aspire) which intends to provide housing finance assistance ranging from 2 lakhs to 12 lakhs to working women, both salaried and self-employed, towards purchase of their dream homes. With its bold new approach, innovative products and reach in Tier II & III centres, AHFCL is committed to make a difference in affordable housing finance space, Mr Girish Bhat, added.