Home » News » Press Release
Feb 10, 2011, 06.25 PM IST | Source: Moneycontrol.com

DHFL launches Aadhar Housing Finance

Dewan Housing Finance Corporation Ltd. (DHFL), Indias leading housing finance company today announced the launch of Aadhar Housing Finance (P) Ltd along with IFC, a member of the World Bank Group.

DHFL launches Aadhar Housing Finance

Dewan Housing Finance Corporation Ltd. (DHFL), Indias leading housing finance company today announced the launch of Aadhar Housing Finance (P) Ltd along with IFC, a member of the World Bank Group.

 

Aadhar Housing Finance (P) Ltd (Aadhar) was envisaged by both, DHFL and IFC as a focused HFC that will reach out to the low income segment in the low income states of the country, after looking at DHFLs commendable track record of 26 years of lending to the LMI (lower and middle income) segment and the huge contribution made by DHFL in the various rural housing schemes of the GOI under the aegis of NHB.

 

Starting from Uttar Pradesh, Aadhar will reach out to the low income segment and enable financial accessibility to this segment that has limited access to any form of formal lending. The company will provide loans upto Rs. 6 Lac and will offer home loans, home improvement/extension loans, plot loans, self construction loans and gradually extend products such as mortgage loan, lease rental finance and non-residential property loan/s. Aadhar will also refinance project loans essentially for development of low cost housing projects.

 

Mr. Kapil Wadhawan, Chairman and Managing Director, DHFL and Chairman, Aadhar, said, Our focus has always been to enable financial accessibility to the lower and the middle income segment and the launch of Aadhar provides us with another platform to reach out to a specific set of people who are eligible but have  no access to formal sources of funding. 

 

We express our deep gratitude towards IFC to understand our vision and partner with us in this cause added Mr. Wadhawan.

 

The company inaugurated its first branch in Lucknow, UP and will soon start operations in the other low income states like Madhya Pradesh, Jharkhand, Orissa Chhattisgarh and Bihar.

 

Mr. Thomas S. Davenport, IFC Director for South Asia, said There is a huge demand for housing finance in these states and Aadhar will serve as a model establishment to encourage entry of private players in the untapped segment. IFCs investment in Aadhar fits well with IFCs objectives of providing access to affordable housing finance to the people at the base of the pyramid.

 

IFC has 20% equity with an investment of $4,400,000 and DHFL along with its subsidiary DHFL Vysya HFC has the remaining 80% equity in Aadhar.

 

Speaking on the occasion, Mr. Harshil Mehta, CEO, Aadhar said Our effort is to provide a platform for the common man to improve their standards of living at affordable means compared to the conventional source of funding

 

We do hope to bring about the change envisioned for our customers in fair terms and hoping that the vast learnings from DHFL will enable growth for Aadhar added Mr. Mehta.

 

Aadhar has earmarked its expansion plan and will operate in a hub-n-spoke model to reach out to its customers across the states. 

Set email alert for

ADS BY GOOGLE

Buy & sell politicians on Power Play
- the political stock exchange

Price Update

Arvind Kejriwal

1714.82 2.86 0.17%

26252

Bought today

2726

Sold today

0.13%

User holding

video of the day

Chandra says satisfied with TCS' FY14, FY15 to be better

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.