Our journey, the journey of Muthoot Housing Finance Company Limited, began in year 2011, with an aim to enable the dream of the common man of owning a home. Today, we are proud to say that we have helped more than 27,000 families own a home.
With 6 locations in 2011 to 63 locations in 2019, we have developed a robust network in key markets growing at a CAGR of 45%. I am now happy to share that we have entered the elite club of Affordable housing finance companies who have a Rs. 1000 Crore plus strong book.
We extend housing loans to salaried and self-employed customers with formal and informal income. A big proportion of India’s populations is from the economically weaker section (EWS) and lower income group (LIG) segment. Out of the total working population in this category, 65% in the urban area and 90% in the rural area are engaged in the unorganized or informal segment.
These customers do not have a formal income proof and thus do not get home loans from banks and large HFCs. This segment of customers are our prospective customers.
I am further delighted to share that Muthoot Housing Finance Company Limited has been instrumental in extending CLSS to 975 customers aggregating to a total subsidy value of Rs. 1831 lakhs till May 2019.
The strategic decision to move towards sourcing more of salaried and self – construction in Tier 2, Tier 3 localities and synergizing with the Muthoot Fincorp Limited branch network helped us in reducing the overall risk and building a stronger portfolio.
Muthoot Housing Finance Company Limited remained strong and committed to both its customers and employees despite the headwinds faced by the market over the last year such as liquidity crunch and other macro-economic factors. We will continue to strengthen our across India.
I would like to take this opportunity to thank all our customers through you, for showing their trust and confidence in our Muthoot Pappachan group.