DHFL to open 100 branches to up its revenue

Updated - October 18, 2016 02:46 pm IST

Published - May 27, 2014 10:09 pm IST - CHENNAI

Dewan Housing Finance Corporation Limited (DHFL) has initiated steps to expand its presence in the home loan portfolio by opening more branches across the country. Currently, 40 per cent of the company’s revenue comes from the western states and the balance from southern and northern states. But with the proposed expansion, the contribution is likely to go up.

Briefing reporters here on Monday, DHFL president, Rakesh Makkar, said that there was tremendous demand for housing in rural and urban areas. To help the borrowers, the company in the coming months would open 100 more branches, taking the tally to 390. Apart from providing loan, the company would also provide technical and legal expertise and top-up loans, he added.

Mr. Makkar said: “During the current year, we are targeting to disburse Rs.20,000 crore against Rs.16,500 crore lent for the corresponding period last year. We have six lakh customers nationally. While the industry is growing at 15 per cent annually, we are hopeful of growing at 20 per cent by offering financial access and insurance protection to our borrowers.”

For 2013-14, DHFL reported profit after tax of Rs.5.3 billion against Rs.4.5 billion registered for the corresponding period last year and Non-Performing Asset stood at 0.78 per cent.

Regarding their market share in housing finance space in Tamil Nadu, Mr. Makkar said Chennai accounted for 10 per cent of their home loan portfolio and plans were to raise it to 22-25 per cent by targeting the exponential growth in technology and allied industries that had sizeable number of working women population.

To encourage women customers to come forward to buy their own homes, DHFL, on Monday, announced 0.25 per cent waiver of rate of interest across various housing finance schemes in Tamil Nadu, he said.

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