IFC pushes Rs. 100-cr in real estate sector

The International Finance Corporation plans to invest $15 million amounting to Rs 100 crore in Aptus Value Housing Finance thereby doubling its exposure to the mortgage lender. The investment is aimed at helping the company increase its reach in the affordable housing finance segment. The World Bank arm had first invested $15 million via NCDs in Aptus in 2016 when the investment was part of the $38 million that IFC invested in three mortgage lenders. Chennai-based Aptus has a large branch presence in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka and Pondicherry. The company will use the capital to expand its business as it aims to increase its loan book to Rs 5,000 crore over the next three years from about Rs 1,250 crore currently. Aptus offers loans in the range of Rs 5-25 lakh to self-employed people for buying affordable housing units and claimed to have developed a unique cash flow and standard of living for each customer even in the absence of conventional income documents.