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SATYA MicroCapital is all set to foray into affordable housing finance business

July 14, 2022 00:25 IST | ANI Press Release
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SATYA

New Delhi [India], July 14 (ANI/NewsVoir): SATYA MicroCapital announced that it is foraying into affordable housing finance market through its soon to be launched subsidiary.

Post successful acquisition and renaming of Baid Housing Finance, NBFC-MFI intends to lay the foundation of its new arm which will integrally function in the Indian Housing Finance space.

In accordance with the company's growth plans, SATYA plans to serve the need for affordable housing for its current customer base and to cater to the untapped affordable housing market across the country. In addition, SATYA Micro Capital is also extending the capital of Rs. 50 Crs. to its housing finance subsidiary and shall be raising another Rs 50 -75 Crs. Capital during the FY.

In the present scenario, a significant gap is observed in housing demand and availability of Housing Finance to the marginalized sector of the population. To bridge this gap and realizing the need for and importance of this sector, SATYA is now marking its entry into the Housing Finance sector. The NBFC-MFI is now aiming to fulfill the dreams of people nestling at the bottom of the pyramid with momentum on affordable housing. In the next five years SATYA envisions to position itself as one of the prominent private Housing Finance companies in India.

The Housing Finance sector has been experiencing a tide of transformation in the recent times. The government is encouraging affordable housing to ensure shelter for everyone. SATYA's initiative in the Housing Finance sector falls in sync with the government housing policies and agendas. With the MFI's expertise, the company aspires to specifically tap informal segment of customers in rural landscapes for provision of hassle free and accessible Housing Finance solutions.

"We have received the regulatory approval from RBI for acquisition and company has completed acquisition related formalities, we are eagerly waiting to get the transition completed. We aim to create a loan book Rs 250 Crore in first year of operation. This step towards affordable housing finance is SATYA's natural extension towards financial inclusion. We are looking forward to building this business which will induce a positive social impact on the customer segment. Our foremost inclination will be towards financially backing the first-time homeowners to build their dream home," said Vivek Tiwari, MD, CEO & CIO - SATYA MicroCapital Ltd. With a mission to establish SATYA as one of the preferred Housing Finance institutions across the nation, we will provide attractive and customer-friendly schemes to our target group customers.

The announcement from SATYA as a business venture further lends to its philosophy of being a conglomerate by opening up a new asset category which will facilitate the company to explore both complementary geographies and customer segments.

Sharing his views on this new journey, Ranjeet Mishra, CEO Designate stated, "We have a once in a generation opportunity in front of us in terms of filling the gap of financing needs for home ownership of bare foot entrepreneurs. SATYA is looking forward to extending various tailor-made loan products for bridging the pucca homeownership gap for mass population. We can shape a future where all our communities are strong, healthy, vibrant, and having shelter on their head for a dignified life. Looking forward for exciting time ahead to participate in this mission and fulfilling the people's aspiration of home ownership through this acquisition."

Headquartered in New Delhi, SATYA currently has 350+ branches in more than 35000 villages of over 225 Districts in 21 states catering to more than 9 lac clients who seek credit help for their income generation and income growth purpose in sectors such as agriculture, animal husbandry, business/trade, production/services, and water sanitation purposes.

With its operational journey started in 2017, SATYA MicroCapital is addressing the financial inclusion opportunity emblematic approach to traditional microfinance by directing comprehensive emphasis on leveraging technology for improvising the customer experience along with reducing operational costs.

This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

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