Muthoot Homefin (India) Ltd, a wholly owned subsidiary of Muthoot Finance, is aiming to disburse ₹700 crore of home loans in FY2021-22.

“We are steadfastly progressing on taking the ‘Housing for All’ initiative of the government to the farthest Tier II and III locations in the country in order to support the affordable housing needs and aspirations of every Indian. As of now, we will be focussing on expanding our housing finance operations in the Southern States of the country. With the additional focus towards collections in FY2020-21, the company has been able to contain delinquencies on the portfolio during the pandemic and have now stabilised its collections,” said George Alexander Muthoot, Managing Director.

“With the recent credit rating upgrade of Muthoot Homefin to AA+ (stable) by CRISIL, we will be able to raise funds even more competitively and pass on the benefits to end-customers so that each Indian can own their dream home,” he added.

MHIL started its operations in 2016 as an Affordable Housing Finance Company catering to the needs of aspiring Indian home-owners. It is registered as a Housing Finance Company (HFC) with the National Housing Bank (NHB).

It has disbursed over ₹2,600 crore home loans since its inception. Currently, it has an AUM (assets under management) of ₹1,800 crore with operations in 16 States and Union Territories, serving more than 22,000 customers.

MHIL has transferred over ₹300 crore of loan subsidy under Pradhan Mantri Awas Yojana’s Credit Linked Subsidy Scheme from NHB. Muthoot Homefin has also received ₹225 crore of refinance from NHB, he added.

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