Demand for home loans to double in AP, TS in 5 yrs

Demand for home loans to double in AP, TS in 5 yrs
Highlights

Edelweiss Retail Finance (ERF), part of Edelweiss Group, is expecting the demand for home loans to double in Andhra Pradesh and Telangana in next five years. The company opened its second branch at Chandanagar in the city on Monday. 

Hyderabad: Edelweiss Retail Finance (ERF), part of Edelweiss Group, is expecting the demand for home loans to double in Andhra Pradesh and Telangana in next five years. The company opened its second branch at Chandanagar in the city on Monday.

Over the last three years, the company had extended housing loans to small borrowers across Andhra Pradesh and Telangana states. It currently has over 1,000 active customers in two Telugu states with an average home loan size of below Rs 23 lakhs.

“We are happy to have Chandanagar branch in our family which is part of our expansion plans. People from the underserved section categories have a deep desire to own a home. We are also launching the two new schemes for urban and rural areas,” S V Balasubramanian, Head, Home Loans, Edelweiss, told media here on Monday.

The special urban housing schemes are aimed at serving the urban housing needs of the low-income households, he added. Overall loan book size of ERF stands at close to Rs 4,500 crore spread across 47 branches pan India. It has over 10,000 customers in the country. Additionally, 1.8 lakh customers are covered under rural finance which is part of the financial inclusion agenda for the business.

“Powered by government’s housing for all initiative, favourable demographics, the Indian housing market is expected to quadruple by the year 2022. This growth is primarily going to come from the affordable housing segment,” said Anil Kothuri, Head, Retail Finance, Edelweiss.

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