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Edelweiss Housing Finance, the housing finance arm of Edelweiss Group, has tied up with ESAF Microfinance to offer micro home loans to borrowers served by the latter Microfinance entity.
To begin with, micro home loans — less than ₹ 1 lakh — would be offered in Kerala under this tie-up, Anil Kothuri, President and Head-Retail Finance, Edelweiss Financial Services told BusinessLine here.
ESAF Microfinance had recently received in-principle nod from the Reserve Bank of India (RBI) for setting up a small finance bank in the country.
Kothuri highlighted that there is large footprint available now to small borrowers owing to the spread of microfinance institutions in the country.
“Tie-ups like the one entered with ESAF by us will only add to the impetus of affordable housing in the country”, Kothuri said, adding that the tie-up will give more reach for the housing finance company.
Edelweiss Housing Finance, which started its journey in 2010, is currently present in 43 locations. Of the 43 locations, as many as 25 are in Tamil Nadu, eight in Andhra Pradesh (Telangana included) and the balance in rest of the country.
From the current level of 43 locations, Edelweiss Housing Finance wants to expand its presence to 70 locations over the next 18 months, Kothuri said.
Edelweiss Housing Finance currently had home loan book of about ₹1,500 crore, which is expected to expand to ₹1,800 crore by end March this fiscal, he added.
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