Tata Capital Housing Finance
Mumbai: Tata Capital Housing Finance is planning to grow its affordable housing loan portfolio to Rs 4,000 crore over the next three years from its present base of Rs 1,800 crore.
The Tata group unit expects its total loan portfolio to expand by 30 per cent annually to reach around Rs 10,000 crore this financial year.
"We have a plan to grow by 30 per cent annually. At present, our overall loan portfolio is at around Rs 7,500 crore and if everything goes well, this year we will be closing at around Rs 10,000 crore," the company's managing director, R Vaithianathan, told reporters here on Thursday.
Meanwhile, the company, which is a subsidiary of Tata Capital, has launched a home loan scheme in the affordable housing segment across small towns and semi-rural areas and for the urban poor.
Under the scheme, properties falling under the classification of rural housing according to National Housing Bank norms will be offered home loans of up to Rs 15 lakh at an interest rate of 9.75 per cent.
The company will also offer home loans up to Rs 10 lakh to urban low-income groups for properties covering low-income housing in urban areas. The scheme, which is valid till October 31, will offer a fixed interest rate of 9.75 per cent for seven years and floating interest rate thereafter.
The affordable housing segment is around 16 million units and is growing at 20-22 per cent per annum.