Muthoot Group forays into home loan segment

KOCHI: Gold financing company Muthoot Finance is starting a home finance company, leveraging its resources and branch network across the country.

Muthoot Homefin will start offering housing loans in Kerala from Wednesday and plans to expand its services to Tamil Nadu, Karnataka and Andhra Pradesh soon. “We will offer housing loans from Rs 1 lakh to Rs 5 crore at an interest rate from 10.20 per cent up to 30 years,” managing director George Alexander Muthoot said. The bank hopes to leverage its resource base of Rs 12,000 crore and its network of daily customers numbering 80,000 to promote its business, he added.