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Financial services player JM Financial has got the regulatory approval to launch a housing finance subsidiary.
“JM Financial Home Loans, a step-down subsidiary of JM Financial, has received certificate of registration from the National Housing Bank for carrying out housing finance activities,” the company said in an exchange filing today.
Announcing the annual earnings for fiscal 2017, the company had said it would enter the affordable mortgage segment along with a property brokerage, to leverage on its existing real estate lending business.
Mumbai-based JM Financial is into investment banking, institutional equity sales, trading, broking, wealth management, private equity, and asset reconstruction among others.
JM Financial already has two non-banking arms -- JM Financial Credit Solutions focused on real estate lending and the other is into regular credit business which together has an asset of around Rs 12,000 crore.
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