|Edelweiss Housing Finance Ltd, a housing finance company under the Edelweiss Group has started operations in Chennai. The company recently announced plans to increase its presence to 19 cities in the next two years.
The last year disbursements made by the company out of its nine locations stood at Rs. 780 crore, which it plans to take to Rs. 2000 crore for the current fiscal. Nearly 75% of which would come out of retail home loans, whereas the remainder would come from small and middle enterprises (SME).
Edelweiss Housing also plans to go on its own, by borrowing its own funds from the market. Previously it used to borrow from Edelweiss Group.
The company has set a target of Rs. 3000 crore in disbursements by 2015. The entire home loan market for Chennai stands at Rs. 15,000-18,000 crore, and the company plans to generate Rs. 600 crore of business in next three years.
Mr. Anil Kothuri, Executive VP was confident of the company's strength in areas of credit capabilities, customer relations, quick loan processing, and long tenor on loans offered.
In addition to adding new branches the company would use the outlets of the group company Edelweiss Financial Advisors in the city.