The stock of the housing finance company surpassed its previous high of Rs 3,068.30, touched on July 6, 2021. At 12:45 pm; Aavas Financiers traded 5.5 per cent higher at Rs 3,030.40, as compared to 1.6 per cent rise in the S&P BSE Sensex.
Aavas Financiers is retail, affordable housing finance company, primarily serving low and middle income self-employed customers in semi-urban and rural areas in India. The company's product offering consists of home loans for the purchase or construction of residential properties, and for the extension and repair of existing housing units.
Finance Minister Nirmala Sitharaman on Tuesday in Union Budget 2022 speech said that Rs 48,000 crore is allotted for PM Awas Yojana. In 2022-23, 80 lakh houses will be completed for identified beneficiaries of PM Awas Yojana; 60,000 houses will be identified as beneficiaries for PM Awas Yojana in rural & urban areas.
The affordable housing finance segment is the largest – and most challenging - within India’s housing finance sector. India’s typical affordable housing finance company (HFC) customer lives in Tier-2 and Tier-3 cities, is new to the concept of credit, earns a low informal income, does not possess income documents and is usually self-employed. These realities warrant the use of specialized expertise in addition to what is used in conventional lending.
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