Fullerton India receives Housing Finance Licence from NHB will start operations from Nov

By Accommodation Times  News Services

Home LoanFullerton India, a non-banking finance company, plans to enter mortgage business as it has received license to set up a housing finance subsidiary. National Housing Bank has accorded permission to Fullerton India to set up fully-owned subsidiary as Fullerton India Home Finance Company Limited (FIHFC).

Mr. Rakesh Makkar, Executive Vice-President and Head-Business and Marketing, Fullerton India, said, “We would start company’s housing finance operations by November with an initial paid-up capital of Rs 100 crore.

The new company will largely cater to affordable housing in the lower and middle income segments through Fullerton India’s network of 445 branches. At present, the NBFC has about 11 lakh customers.

It will provide customers access to a diversified loan portfolio across loan against property, mortgage loans and home loans segments. The average ticket size for these loans will be in the range of Rs 6-7 lakh.

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