Boost for affordable housing: Muthoot Homefin plans to disburse Rs 700 crore home loans in FY22
"We are steadfastly progressing on taking the 'Housing for All' initiative of the government to the farthest tier-II and III locations in the country in order to support the affordable housing needs," said Managing Director George Alexander Muthoot
Mumbai: Muthoot Homefin (India) Ltd (MHIL), a wholly-owned subsidiary of Muthoot Finance, on February 21 said it plans to disburse Rs 700 crore of home loans in the 2021-22 fiscal.
In the first nine months of 2020-21, the housing finance company disbursed Rs 85.6 crore as against Rs 356.4 crore in the same period of the previous fiscal. Currently, it has assets under management of Rs 1,800 crore, a company release said.
The company’s Managing Director George Alexander Muthoot said the company is looking to disburse Rs 700 crore of home loans in FY2021-22.
“We are steadfastly progressing on taking the ‘Housing for All’ initiative of the government to the farthest tier-II and III locations in the country in order to support the affordable housing needs and aspirations of every Indian,” he said.
He said the company, as of now, will focus on expanding its operations in the southern states of the country.
With additional focus towards collections in the current fiscal, the company has been able to contain delinquencies on the portfolio during the pandemic and have now stabilised its collections, he said.
The company has transferred over Rs 300 crore of loan subsidy under Pradhan Mantri Awas Yojana’s Credit Linked Subsidy Scheme from National Housing Bank (NHB), the release said.
It has also received Rs 225 crore of refinance from NHB.
During the third quarter ended December 31, 2020, the company reported an 82.7 decline in standalone profit after tax (PAT) at Rs 1.8 crore compared with Rs 10.4 crore in the corresponding quarter of the previous fiscal. In the first nine months of the current fiscal, the mortgage financier’s standalone profit after tax dropped 75.49 per cent to Rs 7.5 crore from Rs 30.6 crore in the year-ago quarter.
The stage 3 assets stood at 1.56 per cent in April-December period of fiscal 2020-21 as against 1.65 per cent in the year-ago period.
The lender has operations in 16 states and union territories, and serves more than 22,000 customers.
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