Sundaram Home Finance to tap affordable housing segment
A wholly-owned subsidiary of Sundaram Finance Ltd, after entering the small business loan segment in October 2022 has undertaken further diversification with the plan to launch home loans up to Rs 35 lakh
![Sundaram Home Finance to tap affordable housing segment](https://cdn.zeebiz.com/sites/default/files/2023/09/05/259231-bankk.jpg?im=FitAndFill=(1200,900))
Sundaram Home Finance has drawn up aggressive expansion plans in offering home loans up to Rs 35 lakh in the affordable housing space, a top official said on Tuesday.
The company, a wholly-owned subsidiary of Sundaram Finance Ltd, after entering the small business loan segment in October 2022 has undertaken further diversification with the plan to launch home loans up to Rs 35 lakh.
The company under the new business would focus on Tier-II and III towns in Tamil Nadu and Andhra Pradesh.
"This is a natural extension of what we have been doing since inception. Focusing on the retail customer segment in Tier-II and III towns is an integral part of our growth plans," the company's Managing Director Lakshminarayanan Duraiswamy said.
The central 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," he said in a statement.
"We think that this (affordable housing space) segment has the potential to be a fast growing one for us in the long term," he added.
To drive the company's foray into the affordable housing segment, Sundaram Home Finance has plans to set up 10 branches in Tier-II and III locations of Tamil Nadu and Andhra Pradesh.
The company also plans to recruit 75 people in the new business by March 2024.
Sundaram Home Finance reported a net profit of Rs 57 crore in the April-June 2023 quarter on disbursements of Rs 1,104 crore, the statement added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
12:34 PM IST