SMFG Grihashakti expands footprint in Andhra Pradesh, opens branch in Eluru
· Present in Andhra Pradesh (AP) with a network of 8 branches, Eluru will be 9th branch in the region; Plans to open 2-3 new branches in FY24 in AP
· Average loan ticket size in AP ranges from Rs 18 lakh to Rs 20 lakh
· Remains committed to its motto of 'Nayi Asha. Naya Vishwas' by bringing affordable housing loan products to the under-served segment in AP
27 September, 2023: SMFG Grihashakti, one of India’s fastest growing affordable housing finance companies, has increased its presence in Andhra Pradesh with its 1st branch in Eluru, making it the 9th branch in the state. This expansion across the state of Andhra Pradesh signifies the company’s steadfast focus to make affordable housing accessible to as many people as possible across the region.
Formerly known as Fullerton India Home Finance Company, SMFG Grihashakti leverages its extensive experience, strong parentage, country-wide distribution and robust risk management framework to offer a wide portfolio of loans for homes, home improvement, home construction and home extension, as well as loans against property, and loans for new or resale commercial property, commercial plot and construction finance to mid-tier developers.
Speaking about the company’s expansion in Andhra Pradesh, Deepak Patkar, Managing Director and Chief Executive Officer, SMFG Grihashakti, “The affordable housing segment in India is growing at an impressive pace and we are committed to meeting the needs of the underserved and aspiring lower and middle-class segments of the population. We entered the state of Andhra Pradesh in 2016 and ever since then, we have been addressing the needs of our customers with an aim to fulfil their dream of owning a home. Through our extensive network, channel partners and specific home loan product offerings, we are penetrating to the deeper pockets of the region, staying true to our vision of empowering lives and powering aspirations.”
On a Pan India level, SMFG Grihashakti plans to sustain its growth trajectory by focusing on expanding its presence in tier 2 locations, building a strong in-housed team and increased digitalisation of its operations. SMFG Grihashakti has grown tremendously in FY23, registering YoY growth of 44.2% in AUM at Rs 6,427 cr in FY23 vs Rs 4,456 crores in FY22. It’s overall disbursements also grew by 137% at Rs 3,055 cr in FY23 vs Rs 1,287 cr in FY22.