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Piramal Finance forays into housing finance segment

[ecis2016.org] Piramal Finance has announced that it is entering the retail housing finance business through its wholly-owned subsidiary, Piramal Housing Finance, which will offer home loans, as well as loans against property and construction finance for small developers

Financial services company, Piramal Finance, on September 27, 2017, announced its entry into the retail housing finance business, through its wholly-owned subsidiary, Piramal Housing Finance. The company will offer home loans, as well as loans against property and construction finance for small developers.

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“Given the size, scale and market relevance of the wholesale lending business, it was a natural progression, to assess opportunities within the retail lending space,” Piramal Finance and Piramal Housing Finance managing director, Khushru Jijina said.

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Piramal Enterprises chairman Ajay Piramal said the company will be able to deliver a seamless and customer-centric experience to all its stakeholders, including individuals, developers, agents, partners and now the target end-users. “We are confident that the unique business model being adopted by Piramal Housing Finance, will add another dimension to our service offering and establish a blueprint for further growth,” Piramal said.

The housing finance company got its licence from the National Housing Board on September 4, 2017 and already has an asset under management (AUM) of over Rs 200 crores. “We have built the Rs 200 crores with 15 of our developers and their 30 projects. We are not including construction finance to small people here. That will be done independently. This is just housing loans to tier 2 and 3 cities,” Piramal said. It plans to achieve a loan book of Rs 15,000 crores by 2020, he said. On GST, he expressed optimism that in the long run, it would to increase the overall turnover and help the organised industries.

Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle

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