Anuj Mehra, MHRFL MD, informed that the Mahindra Rural Housing Finance Ltd (MHRFL) has raised over ₹1,400 crore in April-July 2020 to stay liquid in the housing sector. The company has resumed loan disbursals and collections, both of which had been put on hold for most of the first quarter due to the COVID- 19 pandemic. Its business model is physical as property and documents have to be checked. With a freeze on disbursements, its advances were almost flat at ₹7,783.8 crore at end of June 2020 as against ₹7,870.1 crore in March 2020 and the advances stood at ₹7,872.2 crore in June 2019. According to the India Ratings agency, MRHFL has mobilized ₹1,430 crore during April-July 2020, including ₹500 crore from National Housing Bank and ₹700 crore via the capital market and money market instruments. The incremental fundraising is happening at a lower cost, helping to reduce the cost of funds. The company is expected to be back to normal by October-November (for disbursement and collections). In normal times monthly disbursements were between ₹170 crore and ₹200 crore and the collections would be around ₹250 crore.
📅Published on:
12 August 2020
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