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Sundaram Home Finance expands into affordable home loans
05 Sep 2023 CW Team
Sundaram Home Finance, a subsidiary of Sundaram Finance, is gearing up to enter the burgeoning affordable home loan segment in alignment with the government's "housing for all" agenda. The company, renowned for its financial services, has outlined plans to concentrate its affordable housing efforts on tier two and tier three towns.
Lakshminarayanan Duraiswamy, the Managing Director, stated, "This is a natural extension of what we have been doing since inception. Focusing on the retail customer segment in tier two and tier three towns is an integral part of our growth plans. We believe that this segment holds substantial long-term growth potential."
Following the commencement of small business loans in October of the previous year, the company is now set to expand its footprint in the affordable housing sector. Lakshminarayanan divulged that Sundaram Home Finance intends to establish approximately 10 branches in smaller towns across Tamil Nadu and Andhra Pradesh. Furthermore, they plan to recruit 50-75 dedicated professionals exclusively for the affordable housing segment by March 2024.
As of March 2023, Sundaram Home Finance managed assets worth Rs 112 billion and reported a net profit of Rs 2.15 billion in the last financial year. This strategic expansion into affordable housing reaffirms their commitment to serving a broader customer base and contributing to the government's housing accessibility objectives.
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