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* To enable home finance to the Lower Income Segment -
Raipur, September 23, 2011: ‘Aadhar Housing Finance (P) Ltd.’ today inaugurated its first branch in Raipur, Chhattisgarh. This branch is located at 302-303 A, 3rd Floor, Lalganga Midas, Fafadih, Raipur. This is Aadhar’s eighth branch in the country that will reach out and enable home finance to the lower income segment.
Aadhar was envisaged as a segment focused housing finance company by DHFL and IFC, a member of the World Bank group to enable housing finance to the low income segment with incomes ranging from Rs. 5000/- to Rs. 20000/- per month in the six identified states of India i.e.
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Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Jharkhand, Orissa and Bihar. Aadhar caters to this segment that has limited access to any form of formal lending and provides loans upto Rs. 6 Lac.
Mr. Harshil Mehta, CEO, Aadhar said, “Understanding the profile of its customers, Aadhar provides customized solutions to enable home ownership to its customers. This is evident with the huge response from the branches in Uttar Pradesh and Madhya Pradesh. Within 6 months of operations, Aadhar has already sanctioned more than 600 loans across these two states.”
Aadhar has strong presence in Uttar Pradesh and Madhya Pradesh with branches in Lucknow, Kanpur, Meerut, Bhopal, Indore, Gwalior and Jabalpur that reach out to over 25 locations in the interiors of the states, through a hub-n-spoke model.
Through its Raipur branch, Aadhar will reach out to 7 locations including Durg, Bhillai, Rajnandgaon, Mahasamund, Dhamtari, Baloda Bazaar.
Speaking on Chattisgarh, Mr. Harshil Mehta, CEO, Aadhar, added, “Chhattisgarh is recognized as the emerging power capital of India. With a population of 25.5 million, growing industrial space and rapid urbanization it is set to witness an exponential demand in housing. Aadhar envisages addressing the demand by making organized finance available to customers at their doorstep.”
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 loan/s. The company also provides all its customers with a free ‘Triple Benefit’ insurance plan that safeguards the customer and his family in case of any unfortunate event.
Aadhar also refinances project loans essentially for development of low cost housing projects.
As per the expansion plans, Aadhar will start operations in Jharkhand, Orissa, and Bihar during the course of the year.
About Aadhar Housing Finance Private Limited:
Aadhar Housing Finance Private Limited has been established by Dewan Housing Finance Corporation Limited (DHFL) to take forward the vision of the founder chairman of DHFL, Late Shri Rajesh Kumar Wadhawan of enabling home ownership in the lower income segment.
IFC, a member of the World Bank group has 20% equity with an investment of $4,400,000 (200 million Rupees) and DHFL along with its subsidiary DHFL Vysya HFC has the remaining 80% equity in Aadhar.
The flagship branch of Aadhar was launched in Lucknow in February 2011. With operations in Uttar Pradesh and Madhya Pradesh, the company further plans to expand to other lower income states like Jharkhand, Orissa, Chhattisgarh and Bihar.
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