IndusInd Bank to enter mortgage loan segment
By Joseph Samson
Apr 19, 2011
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Private sector lender, IndusInd Bank has decided to make an entry into the arena of mortgage loans. With regard to this decision, the bank has also inked a deal with a third party, informed MD and CEO Romesh Sobti.

"We have inked an agreement with a finance company, which will actually provide loans and we will sell it to customers through our branches. It will help earn fee-based income for our bank."

The name of the finance company will be disclosed soon. The loan book of the bank accounted to Rs 26,166 crore by the end of the last fiscal.

"We will also raise our exposure in used-vehicle loans to Rs 2,500 crore in a year from the current Rs 1,000 crore as it earns an additional 2% interest on loans," SV Parthasarathy, head of consumer finance, IndusInd Bank said.

"Our cost of funds has gone up by 41 basis points in 2010-11 while yield on advances rose by 59 basis points," said Sobti.



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