Aadhar Housing Finance expects over 70% growth from West Bengal

Aadhar provides housing finance to lower income consumer segments (Both Salaried and Self-employed individuals with monthly incomes ranging between Rs. 5,000 to Rs. 50,000). 

 

Aadhar has registered an impressive growth rate of over 45% in loan disbursement in the eastern states which include West Bengal, Chhattisgarh, Odisha, Jharkhand and Bihar. 

 

The company has already provided loans to over 30,000 customers wherein over 6,000 are from the East Region. 

 

The company has disbursed Rs 360 crore till date which contributes 19% to Aadhar’s total loan book size which stands at Rs. 1810 crore as on March 31, 2016.

Commenting on the company’s performance in the region, Deo Shankar Tripathi, CEO, Aadhar Housing Finance Limited said, “East India particularly West Bengal is one of the most critical markets for Aadhar. Since we first started our operations in 2012 our company has helped over 6,000 families build their homes in the eastern region with an average home loan size of Rs 6 lakh."

 

"The region has witnessed a healthy rise in demand for affordable housing in the last few years and we expect this trend to continue on account of the sharp economic development in the eastern states with the implementation of the Housing for All by 2022 and the Smart City projects,” said he.

Aadhar has 6 branches in West Bengal namely Howrah, Asansol, Barrackpore, Baruipur, Burdwan and Durgapur and through these branches the company further reaches out to over 30 locations through a hub-n-spoke model to provide home loans to the economically weaker sections and low income group segment. 

 

The company soon plans to launch operations in Kolkata in the current financial year which will further reach out to four more locations namely Garia, Barasat, Kakdeep and Kolaghat.


Including West Bengal, the company currently operates across 13 States namely Uttar Pradesh, Madhya Pradesh, Jharkhand, Chhattisgarh, Bihar, Orissa, Gujarat, Rajasthan, Maharashtra, Uttarakhand, Punjab and Haryana.


Aadhar has launched a special product “Aadhar Awas Yojana” to actively participate in the credit-linked subsidy scheme under the ‘Pradhan Mantri Awas Yojana’(PMAY).  

 

Under this scheme 6.50% interest subsidy is given to the EWS/LIG borrowers on the loan amount upto 6 Lakh for 15 years.  This improves the affordability of customers for home loans. Aadhar through this scheme has already provided loans to over 480 EWS & LIG families across the 13 States.


Aadhar Housing Finance has registered an impressive growth rate of 91% in loan disbursements during FY’15-16 in comparison to the previous financial year. The loan disbursement for the company during the last quarter of FY16 was 1,000 crore which was 91% higher in comparison to the corresponding period last year. The company’s home loan portfolio currently stands at Rs. 1810 crore as on March 31, 2016.