Sundaram Home Finance plans to come into the reasonable housing finance space for extending home loans up to Rs. 35 lakh in Tamil Nadu and Andhra Pradesh.
Sundaram Home Finance is known for offering home loans, plot loans, home improvement, extension loans, loans against property and small business loans to traders and small shops. The company offers home loans for their eligible customers at very attractive interest rates starting at 7.85 % p.a.
Now, the company is planning to extend their hands in the affordable home loan segment to sync with the government’s “housing for all” goal. So, the company will focus on tier 2 and tier 3 towns for its affordable home loan segment diversification.
The Managing Director of Sundaram Home Finance Home Loans, D. Lakshminarayan, said, “This is a natural extension of what we have been doing since inception. Focusing on the retail customer segment in Tier 2 and 3 towns is integral to our growth plans.”
He added, “We think this segment has the potential to be a fast-growing one for us in the long term.”
According to several officials, the company will hire 50-75 people for the first phase. The first set of branches will launch in October or November in Guntur, Karur, Tirupur and Vijayawada.