FULLERTON INDIA ANNOUNCES HOUSING FINANCE COMPANY WITH THE BRAND NAME "GRIHASHAKTI"

REAL ESTATE / CORPORATE

by Shrutee K/DNS

Mumbai, 03 February, 2016: Fullerton India Credit Company Limited (FICCL), one of India’s leading non-banking finance companies, announced its foray into the housing finance business in India through a subsidiary- Fullerton India Home Finance Company Limited (FIHFC) under the brand name ‘Grihashakti’. The housing finance company will offer Home Loans, Loans against Property and Commercial Property Loans. 

Commenting on the launch, Mr. Shantanu Mitra, Chairman, Fullerton India Home Finance Company Limited said, “The Indian housing market is a business with significant growth opportunity – with multiple drivers, including the launch of satellite and smart cities, move towards nuclear families and an increase in disposable income among the middle class fuelling this growth. Meaningful housing finance supply continues to be short of demand, especially beyond the top tier cities. ‘Grihashakti’ aims to address some of this demand and support the government’s dream of Housing for all by 2022.”

Further commenting on the launch Mr. Rakesh Makkar, Managing Director, Fullerton India Home Finance Company Limited said, “Our strong understanding of the underserved market, coupled with our existing distribution network of FICCL and advanced analytical and technological capabilities will be major catalysts as we look forward towards providing credit across the home loan value chain.”  FIHFC will be launched initially through 20 branches across seven states in India. Going forward the company will also adopt alternate distribution channels as well as internet and mobile technology for speedy loan application and disbursal. 

About Fullerton India Home Finance Company Limited:

Fullerton India Home Finance Company Limited (FIHFC) is a housing finance company in India and a wholly owned subsidiary of Fullerton India Credit Company Limited. The company is headquartered in Mumbai and operates through 20 branches spread across 7 states – Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu and West Bengal. Fullerton India Home Finance Company Limited received its housing finance license in July 2015 from the National Housing Bank. 

About Fullerton India Credit Company Limited: 

Fullerton India Credit Company Limited (FICCL) is one of India’s leading Non-Banking Finance Companies (NBFC). As of December 31, 2015, the company’s AUM stands as INR10585.70 crore. The company serves over 13.51 lakh customers through a widespread network of 445 branches spread across 22 states, reaching out to 600 towns and 42,000 villages in the country. FICC offers several retail finance products for varying needs of customers ranging from rural households to SMEs, in the locations it serves. Fullerton India is a wholly-owned subsidiary of Fullerton Financial Holdings, Singapore, which is a subsidiary of Temasek Holdings of Singapore.