IIFL Home Finance Limited aims to double its business from the affordable housing segment to 20 per cent in the next few years as the company announces opening of over 100 branches simultaneously on Monday.
The housing finance company added over 100 branches across Andhra Pradesh, Telangana, Tamil Nadu, Maharashtra, Punjab, Haryana, Rajasthan, Karnataka, Gujarat, Madhya Pradesh and Uttar Pradesh on August 1, 2022, IIFL Housing Finance Limited (IIFL HFL) said in a release.
With this, the lender's network has reached 268 branches across 16 states, while it aims 350 branches by next financial year and 500 branches by 2025-26. "The ambitious expansion by IIFL HFL aligns with the company's focus on scaling up in 2022-23 and coming years. IIFL HFL targets growth in tier 2-3 cities to reach to the masses. Currently, about 10 percent of business comes from these markets, which the company targets to take to 18-20 per cent over next few years," it said.
These new branches will focus on affordable housing loans and Shakthi Loan Against Property (LAP), catering to first-time home buyers and small businesses. IIFL Shakthi Loan is a small ticket size product catering to small business owners like grocery store owners, salon owners, vegetable vendors, small traders and agricultural ancillary owners.
For the MSME sector, IIFL Shakthi offers secured business loans under the government's 'make in India' initiative. The company said it is supporting the Micro, Small and Medium Enterprises (MSME) sector with over 40,000 loans.
IIFL HFL has disbursed over Rs 28,900 crore home loans to over 1,66,765 beneficiaries since inception till date. Majority of these borrowers are first-time home loan customers, thus it aligns with the government's 'housing for all' mission.
Monu Ratra, Executive Director and Chief Executive Officer (ED and CEO), said, IIFL HFL is taking a giant leap towards financial inclusion. "Our focus is to provide India's potential home buyers and small business owners, from a specific LIG/EWS economic strata, easy access to affordable loans. Opening of these new branches is the company's humble contribution to the nation's socio-economic development," he said.
