Bajaj Finance housing arm aims to give Rs 2Kcr loans next year

Non-banking financial services player Bajaj Finance, gearing to launch a dedicated housing finance subsidiary next fiscal, aims to disburse up to Rs 2,000 crore in home loans to the affluent class in FY16, as reported by PTI.
Bajaj Finance housing arm aims to give Rs 2Kcr loans next year

Non-banking financial services player Bajaj Finance, gearing to launch a dedicated housing finance subsidiary next fiscal, aims to disburse up to Rs 2,000 crore in home loans to the affluent class in FY16, as reported by PTI.

"We expect to start operations for the housing finance company in the first quarter of FY16 and will look at disbursements of Rs 1,800-2,000 crore by March 2016," said Bajaj Finance Chief Executive Rajiv Jain.

He said that the company will target the affluent and super-affluent sections of society for its home loans business and focus on the self-employed category. A typical loan to the self-employed would be between Rs 1.2 crore and Rs 1.3 crore, while a loan to a salaried person would be between Rs 75 lakh and Rs 80 lakh.

Last week, the company announced its plans to offshoot a separate subsidiary for its home finance business. After putting in starting capital worth Rs 10 crore, it would apply to National Housing Bank (NHB) - the housing finance sector regulator to start its operations.

Bajaj Finance already has a mortgage book and such loans constitute around 40 per cent of its book at present.

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