Shriram Housing Finance Limited (SHFL) has announced the opening of its new regional office in Pune. The regional office will support the distribution growth of the company within Maharashtra.
SHFL is the 3rd largest Affordable Housing Finance Company in the country with an AUM of over Rs 10000 Crore as of Sep’23. Within Maharashtra, the company is amongst the leading players with Assets Under Management (AUM) of ~Rs 2000 Cr in the state. The company plans to grow this to Rs 2700 Cr by Mar’24. Targeting the self-employed customers, the company aims to expand its reach in the state with specific focus on non-metro locations. SHFL has 15 branches in Maharashtra at present and will scale this further with expansion across Tier 2/3 locations. SHFL provides home ownership solution with special focus on the needs of small business owners. It will also offer builder approved project financing (APF) and small-ticket loan against property (LAP) fuelling financing opportunities for self-employed customers. The company has a fully digital loan processing that results in quicker loan approval and disbursement with minimum documentation.
Commenting on the development, Ravi Subramanian, Managing Director & CEO, SHFL, said: “Maharashtra fosters a culture which has helped in rise of many MSMEs within the state. Shriram has always been at the forefront to provide financial solution to our nations entrepreneurs. We have been catering to the informal sector’s financial needs and have a deep understanding of what our customers expect. SHFL is the preferred lender in the affordable housing finance segment in the state and with our new office we plan on further strengthening our foothold in Maharashtra. Shriram Group has a very strong and wide customer base across the western region and we will leaverage their distribution too.”
Also commenting Nagendra Singh, Executive Director & Chief Operating Officer, SHFL, said: “We have seen a strong surge in demand for affordable home loans, especially from the self-employed customers which find it hard to access credit from banks due to the lack of formal income proofs. We are investing to grow our distribution within the state and would focus on building our business through innovative home-ownership solutions in this underpenetrated mortgage market.”