Sundaram HF arm to raise ₹ 2,000 crore

Sundaram Home Finance, the home finance subsidiary of Sundaram Finance Ltd., is planning to raise ₹ 2,000 crore in the second half of the current fiscal through a mix of debt and bank borrowings to fund its growth plans.

“After a nervous start to the year, we have been witnessing some green shoots in the last two months in the housing sector, especially in Tier-II towns in south India,” Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance, said in a statement. .

“While the sales cycle is taking a bit longer, the home loan inquiries in October have reached the same level as last year,” he added.

“We will continue to expand our presence in the four southern states, especially in the Tier-IIand Tier-III towns. In the first half of the year, we had seen demand pick up from the non-metro towns and think that there is room to grow our business in these markets. We plan to raise ₹ 2,000 crore in the next six months to fund our growth plans, ”he added.

During the first half of FY21, the company’s deposits registered good growth and stood at ₹ 1,742 crore, with a net accretion of around ₹ 140 crore.

On the outlook for the home finance space, he said, “housing segment is still under penetrated in the country. Given this scenario, I believe that housing finance as a space will continue to grow. This pandemic will further drive home the need for home ownership and we will see growth in satellite towns. “

Sundaram Home Finance has 115 branches across the country and provides home loans, plot loans, home improvement and extension loans and loans against property.


Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link


Please enter your comment!
Please enter your name here


South African great-grandson of Mahatma Gandhi Satish Dhupelia succumbs to COVID-19

Dhupelia was renowned for assisting the needy in all communities and was active in a number of social welfare...

Premier League | Liverpool goes level with leaders Spurs, Arsenal held...

Liverpool are now unbeaten in 64 league games at Anfield setting a new club record and they were full value for the win. Liverpool moved...

For sustainable recovery in post-COVID world reformed multilateralism need of the...

The agenda of the second day of the G20 summit focused on a session on building an inclusive, sustainable and resilient future Prime Minister Narendra...

Court ruling raises hopes of parents with children suffering from LSD

Parents are awaiting word from govt. on the arrival of medicines Parents of children with lysosomal storage disorders (LSD), a group of more than...

‘Amit Shah’s criticism of dynasty rule a good joke’

DMK president M.K. Stalin on Sunday joined issue with Union Home Minister Amit Shah, who vowed to put an end to dynastic rule, saying...

More Articles