Sundaram Home Finance unveils emerging business segment
The Hindu
Sundaram Home Finance Ltd. introduces 'emerging business' segment targeting affordable housing market with small business loans and AH financing.
As part of a diversification plan, Sundaram Home Finance Ltd. (SHFL) has unveiled a new segment ‘emerging business’ targeting the affordable housing (AH) market.
“To start with, the emerging business segment will comprise the small business loans (SBL) and the newly launched AH financing,” Managing Director D. Lakshminarayanan said in a statement.
Going forward, SHFL will have two business drivers – the prime housing market focusing on the traditional housing finance, and the newly created emerging business.
Asserting that SHFL was targeting to disburse about ₹300 crore in the emerging business segment this year, he said that it would start off with the current set of 31 branches and about 300 employees.
“In the near term, our plan is to open about 20 branches in the emerging business segment in Tamil Nadu, Telangana and Andhra Pradesh. We plan to hire about 200 people for this segment, largely front-end staff,” he said.
On SBL financing, he said they forayed into it during October 2022 and in the first 18 months, had disbursed over ₹125 crore to small shops and entrepreneurs in Tamil Nadu towards their working capital needs and business growth.
“We felt that affordable housing financing has similar contours in terms of the loan amount, customer profile, market segment and geographies. We believe that the emerging business team can jointly cater to this,” he added.
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