Adhar sees Rs 10 cr home loan portfolio by March 2012

Real estate lender Adhar Housing Finance has plans to disburse Rs 10 crore under its different loan categories in the state by March 2012, said Harshil Mehta, chief executive officer of the company.

“We are late entrant in the state, but still eyeing to disburse about Rs 10 crore by March next year,” he said at the launching ceremony of the company here.

The loan categories of Adhar includes house extensions, government plot mortgage schemes, loan against property, lease rental finance, non-residential property loans and for individual house construction. The rate of interests will vary from 10.5 per cent to 14 per cent per annum, according to the nature and tenure of the loan.

In the current financial year, the company's loan book would top Rs 100 crore, said the top executive of the company, which has operations in Madhya Pradesh, Uttar Pradesh and Chhatishgarh and is planning to increase presence in Orissa and Bihar.

In Orissa, Adhar will have offices at Bhubaneswar, Cuttack, Puri, Khurdha, Berhampur, Sambalpur and Jharsuguda. The company eyes mainly low income group markets and will give loans upto Rs 6 lakh for a maximum period of 20 years. Adhara Housing Finance was launched in February this year, jointly promoted by BSE and NSE listed entity Deewan Housing Finance Ltd (DHFL) and the International Finance Corporation, a member of the World Bank.