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Non-banking finance company Bajaj Finance Ltd will set a wholly-owned subsidiary to run housing finance business where it plans to invest about Rs 200 core.
The board of directors has given a nod to form Housing Finance Company. As the next step, the company will now apply to National Housing Bank (NHB) for the Housing Finance Company License, NBFC said in a statement today.
Bajaj Finance Ltd already runs Mortgages business with asset base of over Rs 10,000 crore. At present it offers Home Loans for Small Medium Enterprises (SMEs) and salaried customers and Loan against Property to SME customers.
The aim is to start full-fledged operations in housing finance subsidiary in the next financial year (2015-16), said Rajeev Jain, CEO Bajaj Finance.
Bajaj Finance is subsidiary of Bajaj Finserv Ltd, a BSE listed financial services company with business interest in areas like insurance, distribution and lending.
