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Sundaram Home Finance, a subsidiary of Sundaram Finance Ltd, has launched operations in Karnataka with a target to disburse INR 60 crore in its first year. The company plans to establish 8-10 branches across Tier II and III towns, focusing on small business loans and affordable housing finance. This move aligns with government efforts to boost affordable housing and aims to meet growing demand for credit among underserved customers in the state. The company has a strong track record in Tamil Nadu and Andhra Pradesh, making this expansion a strategic step in its Emerging Business segment.
Sundaram Home Finance has officially expanded its operations to Karnataka, setting an ambitious target to disburse INR 60 crore in its first year. The company plans to open 8-10 branches, mainly in Tier II and III towns, to reach smaller businesses and individual borrowers requiring affordable housing finance. Advertisement
The Emerging Business segment of Sundaram Home Finance provides small business loans up to INR 20 lakh and affordable housing loans up to INR 40 lakh. This segment has already seen significant success in Tamil Nadu and Andhra Pradesh, where the company operates more than 50 branches. In the past year, Sundaram Home Finance disbursed INR 200 crore under this segment, showing strong growth and customer acceptance.
D Lakshminarayanan, Managing Director of Sundaram Home Finance, highlighted the potential of the Karnataka market and noted that the government's ongoing push for affordable housing is a key growth driver. He mentioned that the company's expansion into Tier II and III towns aims to provide credit access to underserved customers who have largely been outside the formal financing system.
The company's strategy reflects a clear focus on making finance accessible to small businesses and individual homebuyers in emerging markets. With its entry into Karnataka, Sundaram Home Finance expects to strengthen its presence in southern India and leverage its experience from other states to quickly scale operations and reach its disbursement goals.
Source: PTI
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