Affordable housing: IIFL aims to double home loan book to Rs 280 bn by 2020

IIFL Home Loans on Monday said it aims to more than double its loan book to Rs 280 billion by 2020, primarily due to focus on affordable housing segment.

A subsidiary of India Infoline Finance Limited, IIFL Home Loans has a loan book of Rs 120 billion currently.

"We are targeting urban middle and lower income population which has a monthly income of Rs 25,000-40,000. The reason for this is that the largest segment of the population falls in this bracket with increased disposable income in hand and rising aspirations to buy their dream home," said Monu Ratra, ED & CEO, India Infoline Housing Finance Limited (IIFL Home Loans).

With a focus on affordable housing segment, the company said it is leveraging technology to tap the escalating demand emerging from the low and middle-income group in the country.

It has more than 50,000 home loan customers currently and is looking at increasing its customer base to more than 0.2 million by 2020.

Ratra said the company is focusing on customers who look for home loans below Rs 2 million as there is a sizeable segment in India with this demand.