Mumbai, January 06, 2016: The Muthoot Group today announced the expansion plans for its housing finance division Muthoot Homefin (India) Limited (MHIL) in the Western region by opening its corporate office in Mumbai.
Mr. Mukhtar Abbas Naqvi, Honorable Minister of State for Parliamentary Affairs and Minority Affairs inaugurated the Corporate Office at Goregaon East, Mumbai, while Mr. M V Nair, Chairman of Credit Bureau of India limited (CIBIL) officially disbursed the first loan in the presence of Mr. M.G. George Muthoot, Chairman, The Muthoot Group and Mr. George Alexander Muthoot, MD, The Muthoot Group.
Muthoot Homefin (India) Limited is headquartered in Kerala. It is the newest business vertical of the Muthoot group and is registered with the National Housing Bank (NHB).
After its successful run in the state of Kerala, MHIL now intends to strengthen its presence not only in South, but more importantly start focusing on driving growth across the western region, one of its key markets in the next financial year.
The company also plans to expand its footprints across the country in a phased manner.
Muthoot Homefin primarily caters to the Affordable Housing Finance with focus on providing financial assistance to customers in the Economically Weaker Section (EWS) and Low Income Group (LIG) segments.
The company provides all variants of home loans of up to Rs.50 Lakhs with an average loan ticket size of Rs. 15 Lakhs in the extended suburbs of Metro Cities, Tier 2 & 3 cities. The Company expects to have a loan book of Rs. 6000 Crs by FY 2019.
Shri. Mukhtar Abbas Naqvi said, “Muthoot Homefin is yet another feather in the cap of The Muthoot Group. Muthoot Homefin is an extension of the Group’s mission of financial inclusion as it would provide easy and affordable housing to the urban, rural and semi- urban population of the country. This is also a thrust area of the government. I wish the Group success and continued growth in the new venture!”
Speaking on the occasion, Mr. M.G. George Muthoot, Chairman, The Muthoot Group said “Our endeavor is to provide financial support to common man who wants to own a house for self occupancy. We hope to bring fair terms and make sure that our customers have transparency and trustworthiness in dealing with MHIL.”
Mr. George Alexander Muthoot, MD, The Muthoot Group said, “There is a huge demand in the affordable housing segment. The government has brought focus to this initiative through its “Housing for All by 2022” Policy. Our objective is to reach out to prospective home owners who need financial assistance for buying their own home.”
Mr. Ramratthinam S , CEO, Muthoot Homefin (I) Limited said that “The Management is committed to infuse capital as and when required to grow the business. We would be investing in our People and Technology to reach out to potential customers and ensure a seamless end to end loan process. We strongly believe that the asset class would benefit from the strong economic growth projected and is considered to be less riskier in the retail lending business”.
Mumbai Office address: Muthoot Homefin (India) Ltd, 12th Floor, A Wing, Unit Nos. 1201 & 1202, Lotus Corporate Park, Western Express Highway, Goregaon (East), Mumbai 400063