Tata Capital Housing Finance eyes Rs 10,000 crore assets this year

Company plans to grow 30% annually

Tata Capital Housing Finance is planning to grow its loan portfolio by 30% annually and expects it to reach around Rs 10,000 crore this fiscal.

"We have a plan to grow by 30% annually. At present, our overall loan portfolio is at around Rs 7,500 crore and if everything goes well, this year we will be closing at around Rs 10,000 crore," the company's managing director R Vaithianathan told reporters here today.

He said the company's affordable housing loan portfolio is at Rs 1,800 crore and it plans to more than double in next 2-3 years.

"Our affordable housing loan portfolio is at around Rs 1,800 crore. It will grow to somewhere around Rs 2,800 crore next year and to Rs 4,000 crore in 2016-17," Vaithianathan said.

Meanwhile, the company, which is a subsidiary of Tata Capital, today launched a home loan scheme in the affordable housing segment across small towns and semi-rural areas and for the urban poor.

Under the scheme, properties falling under the classification of rural housing as per the National Housing Bank norms will be offered home loans of up to Rs 15 lakh at an interest rate of 9.75%.

The company will also offer home loans up to Rs 10 lakh to urban low income groups for properties covering low income housing in urban areas.

The scheme, which is valid till October 31, 2014, will offer a fixed interest rate of 9.75% for 7 years and floating interest rate thereafter.

The affordable housing segment is around 16 million units and is growing at 20-22% per annum.