AHFIL fixes Rs. 525cr for low cost housing

The new entrant in the housing finance business, Aptus Value Housing Finance India Limited (AHFIL), has targeted Rs. 525cr to be disbursed to those keen to buy low cost homes in the affordability segment. The company is targeting house buyers including vegetable vendors, tea stall owners, small time contractors and milk suppliers, who do not have bank statements, IT returns or other such documents that a regular finance company would want before sanctioning loans but they are credit worthy, said Chairman and Managing Director, AM Anandan.

He said adding that there are innumerable instances where petty businessmen have a daily turnover of over Rs. 10,000 and are keen to buy houses but without any valid documents they don't get home loans and the AHFIL has targeted this class. The company will make available home loans from Rs. 10lakh to Rs. 25lakh in the affordable housing segment and has targeted to disburse Rs. 125cr during the current financial year and Rs. 400cr in the next fiscal.

The finance company, which was set up with a capital of Rs. 32cr would soon raise Rs. 100cr in debt, has planned to cover more and more people in the next ten years. In low cost housing sector there are two issues involved including availability of housing stock and finance, and the company is addressing the first issue and the other would be addressed with the help of builders and to meet funding requirements Aptus would soon raise resources from banks financial institutions including National Housing Bank (NHB), he added.