Satin gets housing finance license from NHB

The housing finance regulator NHB has granted certificate of registration to Satin Housing Finance, wholly owned subsidiary of Satin Creditcare Network (SCNL), to commence housing finance business.
SCNL is a microfinance company.
"On November 14, 2017, NHB (National Housing Bank) has granted certificate of registration to Satin Housing Finance to commence housing finance business," SCNL said in a statement.
Satin's board had approved the formation of a wholly- owned housing finance company and its entry into affordable housing segment in February 2017.
Citing a Crisil research, the company said the current market for low ticket housing finance segment, comprising less than Rs 25 lakh, stood at Rs 780 crore as of 2016-2017. This is expected to grow annually by 15-20 per cent to reach a market size of Rs 1,550 crore by 2020-21.

The market for low ticket housing finance in rural and semi-urban areas is highly underpenetrated, and thus offer a large potential for growth in this segment, Chairman and MD of the company H P Singh said.
"We plan to primarily cater to self-employed non- professionals (SENP) as this segment forms 50 per cent of India's working population," Singh said.
On a consolidated basis, Satin had an asset under management of Rs 4,493 crore as on September 30, 2017.