Piramal Housing Finance, the newly-floated wholly-owned subsidiary of Piramal Enterprises, is eyeing assets under management of ₹15,000 crore by 2020.
The housing finance company, which received a licence from the National Housing Bank on September 4, has already disbursed ₹200 crore in three weeks, said Ajay Piramal, Chairman, Piramal Enterprises.
“We have close relationship with 100 plus developers and they have been persuading us in the last few years that since you are funding so much of real estate, you ought to be also funding housing loans.
“Housing finance is not a B2C business. Basically, it is a B (lender) 2 B (developer) 2 C (customer) business,” explained Piramal.
Piramal elaborated that his company will lend across the value spectrum, from affordable to high-end housing, and fund not only the salaried class but also the self-employed.
“We have a branch which is operational in Goregaon (Mumbai). Another one will start next week in Thane (outskirts of Mumbai). We are looking at growing in Tier-II and Tier-III cities with strong developer relationships.
“.… We have more than 15 plus developers who have already asked us to start working and start disbursement of loans in 30 of their projects. We have 500 plus connectors (such as chartered accountants) plus 50 direct selling agents empanelled with us,” he said.
And these efforts have resulted in assets under management in excess of ₹200 crore in the first three weeks of starting operations, he added.
Khushru Jijina, MD of Piramal Finance as well as Piramal Housing Finance, said the turnaround time for giving home loans to the self-employed will be about 11 days as against the current industry average of 21 days. The salaried class will get home loans in two-three days.