KOCHI:
Muthoot Homefin (India) Limited (MHIL) is a wholly owned subsidiary of Muthoot Finance. MHIL started its operations in 2016 and operates as an Affordable Housing Finance Company catering to the needs of aspiring Indian homeowners. MHIL is registered as a Housing Finance Company (HFC) with National Housing Bank (NHB).
MHIL has disbursed over Rs. 2600 crores home loans over the last 5 years since its inception. Currently, it has an AUM of Rs. 1800 crores with operations in 16 states and union territories of India serving more than 22,000 customers. Muthoot Homefin has been recognized as an important player in helping to achieve the “Housing for All” mission of Government of India. MHIL has successfully transferred over Rs. 300 crores of loan subsidy under Pradhan Mantri Awas Yojana’s Credit Linked Subsidy Scheme from NHB. Muthoot Homefin has also received Rs. 225 crores of refinance from NHB.
For the coming year, in addition to further penetration into the existing geographies, Muthoot Homefin also plans to expand its operations in the Southern states of India and aims to disburse up to Rs.700 crores of Home Loans in FY 2021-22. MHIL’s Credit Rating has been upgraded to AA+ (stable) from AA (positive) by CRISIL this week. This will allow the company to raise funds at competitive interest rates, thereby passing on the benefits to its end customers.
George Alexander Muthoot, Managing Director, on this occasion, stated “Muthoot Homefin is aiming to disburse Rs. 700 crores of Home Loans in FY 2021-22. We are steadfastly progressing on taking the ‘Housing for All’ initiative of the government to the farthest Tier II & III locations in the country in order to support the affordable housing needs and aspirations of every Indian. As of now, we will be focusing on expanding our housing finance operations in the southern states of the country. With the additional focus towards collections in FY2020-21, the company has been able to contain delinquencies on the portfolio during the pandemic and have now stabilized its collections. With the recent credit rating upgrade of Muthoot Homefin to AA+ (stable) by CRISIL, we will be able to raise funds even more competitively and we’ll be passing on the benefits to our end customers so that each Indian can own their dream home.”
