Edelweiss Housing Finance Ltd (EHFL), the housing finance arm of Edelweiss Group, has launched its operations in Pune and by 2015 is targeting a loan book of Rs.1000 crore from the city.
Currently, the company is operational in Mumbai, Delhi and Bangalore and plans to open 19 branches in Chennai, Hyderabad, Ahmedabad, Baroda and Surat by the end of March 2012. EHFL has now entered Pune which over the last few years has seen a real estate boom and tremendous development.
“Our goal is to achieve a target of Rs.1,000 crore from Pune market by the end of March 2012. Over the last few years, the city has emerged as a new destination for IT and BPO related industries. This has opened up avenues for a lot of real estate development in the city. EHFL’s approach to the housing finance business will be based on offering differentiated products and a superior internet-based sales and fulfillment process for applicants,” said Anil Kothuri, Head-Retail Finance, Edelweiss Group.
According to Kothuri, in the last 11 months, the company has disbursed Rs.240 crore with an average of Rs.50 crore every month. “EHFL offers home loans repayable over 25 years. This could give the borrower a larger loan amount or a smaller monthly installment.” he added.
“The current housing finance market size is about Rs.1.5 trillion and we expect it to double by the end of 2015. We expect to capture about 2 per cent of the market over the next 5 years.” said Kothuri speaking about the mortgage industry in India.
The Edelweiss group already has a presence in Pune through Edelweiss Financial Advisors, a group company.
