Godrej Group forays into home finance

The Godrej Group has forayed into financial services by unveiling Godrej Housing Finance (GHF).

The company aims to build a ₹ 10,000-crore balance sheet in three years.

“This is the first step in what we hope will be another important pillar of growth for the Godrej Group,” said Pirojsha Godrej, chairman, GHF.

“The increasing formalization of the real estate sector combined with the dislocation in the residential real estate and housing finance markets makes this a particularly interesting opportunity at the moment.”

GHF will initially provide loans to Godrej Properties’ clients in Mumbai, NCR, Pune and Bengalurubefore expanding to other geographies. After gaining experience, GHFThe company would then tie up with other developers before offering loans to customers across India.

The company, which is duly capitalized, would offer the home loans at competitive prices with lowest interest rates of 6.69%.

“We believe the housing finance market is underpenetrated and underserved,” said Manish Shah, MD & CEO., Godrej Housing Finance

“The industry is plagued with being complex and convoluted with hidden conditions and painfully long customer journeys. We aim to correct this. ”

“We want to give customers a home loan that is customized to what’s important to them, basis their housing needs, financial capability and convenience,” he added.

GHF would later start giving loans against property. focus on the mortgage business starting with home loans, followed shortly by loans against property. In the near future, it would offer business and personal loans, leveraging the group’s consumer and agri-business ecosystems to build these verticals.