VIJAYAWADA: Setting its eyes on Capital city Amaravati, housing finance firm Can Fin Homes Ltd., promoted by the Canara Bank, launched its new branch at Mangalagiri in Guntur district on Monday. The firm has set a target of disbursing home loans to the tune of ₹1,400 crore to 1,500 crore in AP this fiscal. It plans roughly 17% of the loan book target for Andhra Pradesh and Telangana.
Can Fin Homes Managing Director S. K. Hota told The Hindu that the company planned to launch 11 branches and 10 satellite offices, and 30 affordable housing loan centres across the country during this fiscal. “A few would come up in AP. The company has already launched its branches in Eluru, Tenali and Kakinada recently. The total strength touched 16 branches with the launch of the Mangaligiri branch,” he said.
The loan book would be around ₹17,000 crore (from ₹13,313 crore in March 2017) at the end of this financial year. “Of this, the company targets 17-18% for AP and Telangana States. There is a vast potential for housing loans in AP and the Can Fin wants to be part of the development process,” he said.
The enquiries had improved and there was certainly a positive signal as far as the loan book growth or the fresh approvals were concerned. The aspirations of the non-salaried class were improving. Can Fin was expanding in that space too. The firm continued to remain the preferred choice of the salaried class, he said.
To a question, Mr. Hota said the average ticket size that the company was holding on to was ₹18 lakhs for housing and some ₹10 lakhs for non-housing. It would be in the range of around ₹20 lakhs to ₹22 lakhs in the metros. And in the off-country locations, it would be below ₹15 lakhs.
CREDAI Vijayawada chapter president Y V Ramana Rao inaugurated the new premises. CREDAI Vijayawada general secretary K. Rajendra Acharya Nagarjuna, former VC K. Viyanna Rao, Can Fin DGM Shamila M., AGM Srinivas Malladi and others were present.
