Muthoot Pappachan Group is stretching their arms for new ventures in the market. According to the sources of www.propertykhazana.com the financing wing of Muthoot Pappachan – Muthoot Housing Finance Company is in closed door meeting with the International Finance Corporation for collecting more funds. The sole aim of this meeting is to make its portfolio for the purpose of small loan segment around 500 crore. It will be allotted on a medium term basis. International Finance Corporation is their first target to initialize their strength and is also taping up some banks for their future ventures as stated by Chief Executive of MHFC – Maneesh Srivastava.
The company is mainly targeting the low and mid income section ranging from Rs 10000 to Rs 30000 which will be provided a loan agreement with 3 Lakhs to 10 Lakhs. This may turn the company to lay around Rs 100 crores in the market for various categories of consumers. It is estimated this profile will be considered for next two years. At the same time according the top management of the company, Muthoot is calculating booking of around Rs 125 crores loan sanction by the end of December 12. The company also has an advantage now as they have won the license to be a regulator of home financing associates by National Housing Bank. Srivastava on the other hand confirms that the rate for this mid segment sanction will range from 14 to 15 percent with 3 percent of margin in the market. As a start up the company is planning for 25 holding with in the major cities of the country and later on it will explore to the western and southern nation of the world.
Source: NIMMA BENGALURU
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