Bangalore: Fullerton India, one of the leading Non-Banking Financial Companies announced the receipt of the housing finance license from National Housing Bank.  The new housing finance company is a fully owned subsidiary of Fullerton India and will operate as Fullerton India Home Finance Company Limited (FIHFC).

Fullerton India Home Finance Company will largely cater to affordable housing in the lower and middle income segments through Fullerton India’s widespread branch network. The new company will provide customers access to a diversified loan portfolio across Loan Against Property, Mortgage Loans and Home Loans. The average ticket size for these loans will be in the range of Rs.6-7 Lakhs.

Commenting on the development, Mr. Shantanu Mitra, Managing Director & CEO, Fullerton India said, “Currently there is a huge demand in the affordable housing segment across the country. The Government has also demonstrated its focus to address this shortage through the ‘Housing for all 2022’ policy. At Fullerton India, we are in a good position to be able to cater to this burgeoning demand through Fullerton India Home Finance Company Limited (FIHFC), our new housing finance subsidiary. FIHFC will assist underserved customers across the country to gain easy access to credit for their housing needs.”

Fullerton India had applied for a housing finance license early this year. The company has firmly established itself across the country, offering a vast product portfolio which includes Loan Against Property, SME and Business Loans, Commercial Vehicle and Two-wheeler Loans, Personal Loans, Rural Livelihood Loans and Rural Mortgage. The company in its annual financial results for FY2015 achieved 60% increase in profits, while the Assets Under Management grew by 39%. Fullerton India currently employs almost 7500 employees with nearly 60% of the workforce serving their rural business as of today.