Bangalore based Finance house to provide housing finance for low income home buyers.
By Pallavii Pitale
There is a good news for the low income group people. Bangalore based finance corporation firm Mphasis has announced to set up a housing finance corporation to provide home loans for the people who earn monthly salary within the bracket of Rs. 8000/- to Rs. 25000/- and are possessing apartments costing around 10 lakh. The loan will be a mortgage loan for 15 years.
Former Citibank-India, head and the Founder of the firm Mphasis and Co- founder of VBHC, Mr. Jaitirth Rao, announced this recently. He along with Mr. PS Jayakumar, Co Founder and MD of Value and Budget Housing Corporation ( VBHC) is looking forward to build homes for the poor. It was also mentioned that proposed financial institution shall be with independent investors and management.
The home loan market in India is becoming more and more competitive. With organizations like SBI and HDFC and private players like DHFL and many other , this firm would surely need to ensure funds at cheaper rates in order to promote with growth rates of over 30%.