Sundaram Home Finance has inaugurated its second branch in Pune as it aims to make disbursements of Rs 450 crore in Maharashtra this year, the company said on Friday. The wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd achieved disbursements of over Rs 250 crore in the Western state last year.
Sundaram Home Finance currently has six branches in Maharashtra and would offer home loans targeting the mid-segment of the market with an average ticket size of Rs 40 lakh. The company achieved disbursements of over Rs 100 crore in Pune last financial year.
“Pune is turning into a vibrant home finance market and its proximity to Mumbai has led to fast paced growth in terms of infra development and the increasing presence of IT companies. This expansion in Pune follows the success of our first branch in the city,” company Managing Director D Lakshminarayanan said.
In February, the company expanded presence in Navi Mumbai.
“We have seen a robust demand for home loans in the first six months of our launch in Navi Mumbai and expect this trend to continue. We are currently in the process of augmenting our team in Mumbai to gear up for our next phase of growth,” he said.
In Maharashtra, the company registered disbursements of over Rs 250 crore in Maharashtra last year and is targeting Rs 450 crore this year.
Besides Pune and Navi Mumbai, the company has branches in Thane, Nashik, Nagpur.
On expanding presence outside southern parts of the country, Lakshminarayanan said, “We will continue to explore opportunities outside South India and as per our stated intent look to steadily expand our presence in select geographies in West and Central India.”
With Tier 3 and 4 towns driving disbursements, he said the company would focus on strengthening their presence in Southern market.
Sundaram Home Finance recorded a net profit of Rs 66 crore for the April-June 2024 quarter and made disbursements of Rs 1,353 crore.
