Aadhar Housing Finance forays into WB

Last Updated: Tue, Dec 04, 2012 15:43 hrs

Asansol, West Bengal, Dec 4 (IBNS): Aadhar Housing Finance (P) Ltd., jointly promoted by Dewan Housing and International Finance Corp (IFC), on Tuesday announced the launch of its branch at Asansol city in West Bengal's Burdwan district.

Located at Rambandhu Tala, this branch will cater to other important locations like Durgapur, Barddhaman, Siuri, Bolpur, Raniganj, Kulti, Bankura and Puruliya through a hub-n-spoke model.

This is Aadhar's first branch in West Bengal and 16th branch in the country.

Aadhar was envisaged by DHFL and IFC, a member of the World Bank group, as a segment focused housing finance company to reach out to the low income segment with incomes ranging from Rs. 5000 to Rs. 25000 pm in the identified states namely Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Jharkhand, Bihar, Orissa and West Bengal.

Aadhar enables access to housing finance to a segment that has limited access to any form of formal lending and provides housing loan up to Rs. 12 lakh.

Speaking on the occasion, Harshil Mehta, CEO, Aadhar, said, "Asansol has been registering growth at a phenomenal pace and is amongst the top 11 Indian cities in the list of 100 fastest growing cities in the world with a rank of 42."

Asansol is Bengal´s second-largest city after Kolkata and is also Bengal's fastest growing urban area with a population of over 1.2 million people as per census 2011.

The industrial base of Asansol is chiefly supported by coal, iron and steel industries, including heavy engineering, fertilizers and coal based chemicals industries and has experienced remarkable growth in population and economy to have emerged as India's important urban industrial centre.

The region is further expected to have a population growth rate of 2.06% compared to Kolkata´s 1.73% by 2020-25, as per a United Nations report.

Aadhar offers an array of products including home loans, home improvement/extension loans, plot loans, self-construction loans and gradually extend products such as mortgage loan, lease rental finance and non-residential property loans.

Aadhar also refinances project loans essentially for development of low cost housing projects.

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