HomeFirst lending Rs 240 cr annually in Telangana for affordable housing
In Telangana, we are present in Hyderabad and Warangal and financing about Rs 240 crore every year.
Hyderabad: HomeFirst Finance Company (HFFC) is seeing a steady demand for affordable housing as well as financing for this segment. The company is financing Rs 240 crore every year in Telangana, lending in the range of Rs 5 lakhs-Rs 40 lakhs, with an average ticket size being Rs 10 lakhs-12 lakhs.
Arunchandra Jupalli, business head, South, HFFC, told Telangana Today, “In Telangana, we are present in Hyderabad and Warangal and financing about Rs 240 crore every year. We are soon getting into places such as Karimnagar and Khammam. We largely cater to customers who have land and are building homes for themselves.”
“We have disbursed close to Rs 4,600 crore pan-India since our inception in 2010. We have seen about 50-60 per cent growth in the last 2-3 years. Despite the Covid, there has been no adverse impact on affordable housing. There is a steady demand in this segment,” he noted.
HFFC is a technology driven, affordable housing finance company targeting first time home buyers in low and middle-income groups, primarily offering customers housing loans for purchase or construction of homes.
Over the last 10 years, the firm has sanctioned home loans to over 50,000 customers in 60 districts of 11 States of India including Telangana. The company has ensured that its financing model keeps the NPAs (non-performing assets) low at less than two per cent.
Jupalli added, pan-India, States such as Gujarat and Maharashtra are leading in terms of affordable housing activity. South market is also picking up where there is a significant demand in Telangana, AP, Karnataka and Tamil Nadu. The loans are being given to individual customers who are building their first homes as well as a few builders.
When asked about how HomeFirst is using technology to ease financing, Jupalli said, the company has introduced an app that enables self-onboarding. Even partners have digitised their processes.
“The company also has strengthened its physical presence. We have 70 physical branches pan-India, of which there are five branches in Telangana. We will expand our presence further,” he informed.
The company is actively spreading its operations in the tier-2 and tier-3 cities of west, north and south of India to extend access to financing.
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