Aad­har HFC will be soon get­ting re­fi­nance from NHB

Accommodation Times - - Housing Finance -

Aad­har Hous­ing Fi­nance, a com­pany set up jointly by DHFL and IFC, would seek re­fi­nance fa­cil­ity from Na­tional Hous­ing Bank (NHB) as it has com­pleted three years of op­er­a­tion. Af­ter avail re­fi­nance fa­cil­ity from NHB, Aad­har would be able to bring down the cost of funds which would then be passed on to the bor­row­ers.

Harshil Mehta, MD & CEO of Aad­har Hous­ing Fi­nance said, "We will now ap­ply to NHB seek­ing re­fi­nance fa­cil­ity for our hous­ing loan ac­tiv­ity as we have com­pleted three years of op­er­a­tions."

Cur­rently Aad­har Hous­ing Fi­nance is charg­ing an in­ter­est rate of 10.75% on float­ing ba­sis for a 15-year term for loans up to a max­i­mum of Rs 12 lakh. Af­ter the re­fi­nance limit will be sanc­tioned by NHB, the in­ter­est rate would come down as cost of funds would de­crease. Aad­har was now sourc­ing cap­i­tal from var­i­ous banks and com­mer­cial pa­pers.

Mehta said the com­pany did not have any plan at the mo­ment to raise money from the mar­ket as it was ad­e­quately cap­i­talised. Pri­mar­ily op­er­at­ing in tier II, tier III and tier IV towns and cities, the com­pany ex­tends home loans to in­di­vid­u­als having salary within Rs 25,000 per month.

Harshil Mehta, MD & CEO of Aad­har Hous­ing Fi­nance said, “We will now ap­ply to NHB seek­ing re­fi­nance fa­cil­ity for our hous­ing loan ac­tiv­ity as we have com­pleted three years of op­er­a­tions.”

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