Buyers alert! This bank targets Rs 700 crore for the disbursement of mortgages during the fiscal year 2021-22

After transferring over Rs 300 crore loan subsidy under Pradhan Mantri Awas Yojana’s credit related subsidy program, Muthoot Homefin (India) Limited (MHIL) decided to shell out Rs 700 crore for mortgage seekers during the 2021-22 financial year. MHIL management said fundraising would not be a problem for them, as MHIL’s credit rating was upgraded from AA + (stable) to AA (positive) by CRISIL this week.

Speaking on the ambitious goal of MHIL for the disbursement of the mortgage loan during the 2021-22 fiscal year; George Alexander Muthoot, Managing Director, said on the occasion: “Muthoot Homefin aims to disburse Rs. 700 crore in home loans during the 2021-22 fiscal year. We are making steady progress in implementing the government’s Housing for All initiative in the most remote Level II and III locations across the country to meet the affordable housing needs and aspirations of every Indian. From now on, we will focus on expanding our housing finance operations in the southern states of the country. With the added focus on collections in fiscal year 2020-21, the company was able to contain defaults on the wallet during the pandemic and has now stabilized its collections. With the recent upgrade of Muthoot Homefin’s credit rating to AA + (stable) by CRISIL, we will be able to raise funds even more competitively and pass the benefits on to our end customers so that every Indian can own the house of his dreams. “

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MHIL has successfully transferred over Rs 300 crore of loan grant under the Pradhan Mantri Awas Yojana credit related grant program of NHB. Muthoot Homefin also received Rs 225 crore in refinancing from NHB.

For the coming year, in addition to further penetration into existing geographic areas, Muthoot Homefin also plans to expand its operations in the southern states of India and aims to disburse up to Rs 700 crore of mortgage loans during the 2021-22 financial year. MHIL’s credit rating was upgraded from AA + (stable) to AA (positive) by CRISIL this week. This will allow the company to raise funds at competitive interest rates, thereby passing the profits on to its end customers.

Robert P. Matthews