Thursday, March 22, 2018
Piramal Finance Launches Housing Finance Offering in Bangalore; Has Crossed Rs 20,000 Cr of Wholesale Loans in South Market
Piramal Housing Finance, the wholly owned subsidiary of Piramal Finance, expands its presence in the Bangalore market. The retail housing finance business will offer home loans, loan against property and smaller ticket construction finance to the developers in Bangalore market.
Piramal Finance has a strong presence in South India through its wholesale business. Currently, it has existing partnership with 80 developers across 230 projects. The wholesale business has crossed an aggregate commitments of INR 20,000 crores from 2014 till as of now.
Leveraging the size, scale and relationships of our wholesale business, Piramal Finance has introduced its retail offering which will complement its existing wholesale business and will enable them to offer the entire spectrum of financial products in real estate. Piramal Housing Finance will further enable development partners in the Bangalore to target home buyers (both salaried and self-employed) through a range of tailor made products.
Khushru Jijina, Managing Director, Piramal Finance & Piramal Housing Finance said, “We are delighted to launch our housing finance business to Bangalore. In September 2017, we launch our business in Mumbai with 2 branches and have crossed Rs 1,000 crores in the span of 6 months. Last week, we launched in Delhi and we are happy to receive great response from our developer partners. Going forward, by 2020, we plan to expand our reach with 24 branches across India to make our Pan India presence.”
He further added, “Our unique business model – B2B2C – business to developer to customer is the key differentiator. This is a developer relationship driven business where our existing relationships, innovative offerings and end-to-end solutions will help us expand our business.”
Housing Finance recently also launched its innovative product – ‘SUPER’ loan. ‘SUPER’ loan factors future income potential whilst assessing the credit parameters for a retail loan and thereby enables the consumer to purchase an ideal home. It enables individuals to buy their first home at a much younger age (28 years as opposed to the earlier average of 35 years as the first time home buyers’ average age)
In addition, Piramal Finance also has a unique sales and research function ‘Brickex’ will also aid in identifying and implementing innovative marketing strategies and facilitating primary sales through newer distributors and channel partners.