Mahindra and Mahindra Financial Services' Rural Housing Finance eyes to grow the loan book up to Rs 1000 crore by the end of this financial year, a senior company official said.
Mr. Ramesh Iyer, Managing Director of Mahindra Rural Housing Finance said, "We have been doubling the book almost every year now and this year we hope to be faster. We are at around Rs 700 crore right now and it will grow to Rs 900-Rs 1000 crore by end of the fiscal".
Mr. Iyer also mentioned that last year the loan book was Rs 535.2 crore and the company is aiming to boost up the book to Rs 4000 crore by the end of FY15.
The company was incorporated in 2007 and it offers loans for renovating, buying, extending and improving homes in rural and semi-urban markets. Mr. Iyer said that the average loan size is of Rs 1.5 lakh.
The loan book stood at Rs 676.7 crore in the second quarter of the current financial year against Rs 418.3 crore for the corresponding quarter of last year.