Riding high on the government's thrust on affordable housing, mortgage lender Aadhar Housing Finance is looking to double its loan-book this fiscal year and also expand its footprint.
The Budget had called for building six crore affordable houses by 2022.
"As of March-end our loan book was Rs 1,000 crore and we are targeting to double it to Rs 2,000 crore by the end of this fiscal," said Deo Shankar Tripathi Chief Executive of Aadhar Housing Finance.
The company, a joint venture between Dewan Housing and IFC and present in nine states now, has also received concurrence from its co-promoter IFC to expand in Maharashtra, Punjab, Haryana and Uttarakhand.
The IFC, a member of the World Bank Group, has 20 per cent equity stake in Aadhar Housing Finance and the DHFL Group remaining 80 per cent.
"Since there is enough scope for affordable homes in these states, we want to increase our presence there. This will also help us to mitigate our risks," Tripathi said.
The company has 62 branches in nine states and plans to add 40 more branches in current fiscal year. Out of 40 branches, 28 would be opened in Maharashtra, Punjab, Haryana and Uttarakhnad.
Tripathi said the company's lending rate is in range of 12.5-13.5 per cent, but is likely to come down with banks starting to lower their base rates.
"With reduction in our cost of funds, our lending rates will also come down in the range of 0.15-0.25 per cent," he said.
"We have also applied for refinance facility from the regulator National Housing Board. Once it will start, we will be able to lower our rates further," he added.
The company is planning to raise Rs 1,100 crore this year through a combination of bank borrowing, non convertible debentures and commercial papers.
