IIFL Home Finance opens 100 branches, aims to double affordable housing business in the coming years

IIFL Home Finance Limited on Monday announced the opening of more than 100 branches simultaneously and said it aims to double its business to 20 percent from the affordable segment in the next few years.

The company in a statement said that it added more than 100 branches in Tamil Nadu, Telangana, Andhra Pradesh, Punjab, Maharashtra, Rajasthan, Haryana, Karnataka, Gujarat, Uttar Pradesh and Madhya Pradesh on August 1.

The lender's network has now touched 268 branches across 16 states, and it aims to reach 350 branches by the next fiscal year and 500 branches by FY26. "The ambitious expansion by IIFL HFL aligns with company's focus on scaling up in 2022-23 and coming years. IIFL HFL targets growth in tier 2-3 cities to reach to the masses," the statement said.

At present, around 10 percent of its business comes from these markets, which the company targets to take 18 to 20 percent over the next few years, it said.

These new branches will focus on affordable housing loans and Shakthi Loan Against Property (LAP), catering to first-time home buyers and small businesses.

IIFL Shakthi Loan is a small-ticket size product catering to small business owners such as grocery store owners, salon owners, vegetables vendors, small traders and agricultural ancillary owners. For the MSME sector, IIFL Shakthi offers secured business loan under the government's 'make in India' initiative. The company said it is supporting the Micro, Small and Medium Enterprises (MSME) sector with over 40,000 loans.

IIFL HFL has disbursed over Rs 28,900 crore home loans to over 1,66,765 beneficiaries since its inception till date. Majority of these borrowers are first-time home loan customers, thus it aligns with the government's 'housing for all' mission. Monu Ratra, Executive Director and Chief Executive Officer (ED and CEO), said, IIFL HFL is taking a giant leap towards financial inclusion.

"Our focus is to provide India's potential home buyers and small business owners, from a specific LIG/EWS economic strata, easy access to affordable loans," he said. Opening of these new branches is the company's humble contribution to the nation's socio-economic development, the official said.