Kolkata, June 22 (IANS) Aadhar Housing Finance, which caters to low income groups, has targeted loan disbursals of Rs 2,100 crore in the current fiscal, a top company official said on Wednesday.
“We have targeted to disburse Rs 2,100 crore of loan this fiscal. In fact, we disbursed Rs 2,100 crore of loan from 2011 to March 2016. We are targeting to achieve five years’ loan disbursement performance in one year,” said the company’s Chief Executive Officer Deo Shankar Tripathi.
It disbursed Rs 1,010 crore in 2015-16, up 91 per cent of that disbursed in 2014-15.
“The urban housing requirement falling under the economically weaker section (EWS) and the low income group (LIG) stands at 97 per cent of the total shortfall. The supply side is also expected to be augmented as developers are eyeing to tap EWS and LIG segment,” he said.
The company which provides up to Rs 25 lakh loan and caters to income groups with a monthly income ranging from Rs 5,000 to Rs 50,000 has also set a target of doubling its loan book to Rs 3,500 crore by the end of the current fiscal.
It has also planned to raise capital of Rs 100-125 crore in the current fiscal, he said.
The company’s loan disbursement grew 45 per cent in the eastern states including West Bengal, Chhattisgarh, Odisha, Jharkhand and Bihar.
The company provided loans to over 30,000 customers wherein over 6,000 are from the eastern region.
In the eastern states, the company has disbursed Rs 360 crore till date contributing 19 per cent to its total loan book size which stands at Rs 1,810 crore as on March 31, 2016.
Tripathi said Aadhar and DHFL Vysya Housing Finance will be merged into one to create a pan-India company to finance LIG and EWS segment.
The former has operations in 13 states while the latter has a presence in the southern states.
“Boards of both the companies of DHFL group company, have approved the merger. It is logical to merge these two as both the companies target the affordable housing segment. The merger process has been initiated. The merger is expected to materialize fully by March 2017,” he said.