Fullerton India launches housing finance company 'Grihashakti'

 Non-banking finance company, Fullerton India Credit Company (FICCL) has forayed into the housing finance business in India through a subsidiary — Fullerton India Home Finance Company (FIHFC) under the brand name ‘Grihashakti’.

FIHFC, will offer home loans, loans against property and commercial property loans. The company 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.

“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,” Fullerton India Home Finance Company chairman Shantanu Mitra 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,” Fullerton India Home Finance Company Managing Director Rakesh Makkar said.