Motilal Oswal forays into home finance with Rs 100 crore

MUMBAI: Domestic brokerage Motilal Oswal today said it is venturing into the home finance space with an initial capital of Rs 100 crore. Aspire Home Finance Corporation (AHFC), promoted by the Motilal Oswal Group, received a certificate of registration from sector regulator National Housing Bank (NHB) to begin operations, it said in a statement.

"We are starting the lending operations with Rs 100 crore of capital and plan to reach as many families by extending hassle-free small loans to them," AHFC Managing Director and Chief Executive Officer Anil Sachidanand said.

The company will focus on affordable housing units and disburse loans under Rs 25 lakh in the suburbs of Mumbai, Pune, Nagpur, Akola, Nasik, Indore, Ahmedabad, Surat, Vadodara and Bhopal, according to the statement. In a presentation on its website, the company said it will target the disbursal of Rs 216 crore in the first year.

"AHFC will leverage our strong distribution network to reach out to its customers...We wish to make Aspire Home Finance a significant player in Indian home finance industry," said Motilal Oswal, Chairman and Managing Director of Motilal Oswal Financial Services.