Sundaram Home Finance Managing Director D. Lakshminarayanan opening the new branch in Indore in Madhya Pradesh.
| Photo Credit: Special Arrangement
Sundaram Home Finance Ltd. (SHFL) said it is aiming at a 50% increase in home loan disbursals in the current fiscal. The company on Tuesday inaugurated the Indore branch, Madhya Pradesh.
Last fiscal, the company disbursed ₹150 crore in Madhya Pradesh and is targeting disbursements of ₹225 crore, a growth of 50% this year, said Managing Director D. Lakshminarayanan.
SHFL already has a branch in Bhopal. The current move of opening new branches in Maharashtra and Rajasthan in recent months is aimed at steadily increasing SHFL’s presence outside of South India, he said.
Over the next 12-18 months, SHFL is planning to open three more branches in MP, the wholly owned subsidiary of Sundaram Finance Ltd. said.
Increasing affordability, residential properties ranging from small homes to villas and increasing demand for plots are said to be the reasons for SHFL’s foray into Indore. Besides, the company said it would cater to the growing market needs.
“We are also seeing an increasing presence of MSMEs and that provides us with opportunities to provide working capital funding,” the MD said.
“We believe that in terms of ticket sizes, credit profiles and growth opportunities, Indore presents a sweet spot,” he added.
Published – September 10, 2024 02:29 pm IST