Low income and economical home loans is on the agenda of Chennai based Aptus Value Housing Finance India. The company, whose promoter is M Anandan, previous MD of Cholamandalam Investment and Cholamandalam MS General Insurance plans to concentrate on the suburbs adjacent to metros near the urban and semi urban parts of Southern India.
Anandam said, the aim of the HFC to enable those clients who are unable to go for the traditional means of housing finance like banks and leading HFCs because of inadequate documentary proof required, get a home loan.
He said, “We will give them a loan of Rs 10 to Rs 20 lakhs for period not exceeding 15 years. The interest band will be 13 to 14%. As we go along, we will drill down to provide a loan of Rs 3 to Rs 10 lakhs to cover lower income groups.”
The company plans to lend out around Rs 125 crore in the intial year of its operation which is from August to March.