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Muthoot Pappachan Group forays into Housing Finance segment

Wednesday, March 30, 2011
By A Business Reporter

The Kerala based Muthoot Pappachan Group (MPG) has announced its entry into the housing finance segment, after securing their license from the National Housing Bank (NHB) on Tuesday. The new venture, Muthoot Housing Finance Limited will be a subsidiary of the flagship company Muthoot Fincorp Limited (MFL). The group plans to invest around Rs 100 crore over the next two years in this venture.

The new entity would primarily target the low to middle income housing finance segment and aim to disburse small-ticket loans. In the initial phase, the group intends to roll-out branch offices in large urban centres like Mumbai, Chennai, Bengaluru and Ahmedabad.

“Muthoot Housing Finance Limited is in line with our group’s long-term expansion strategy. We see immense scope in the home loan market, especially in the low income segment. The objective is to tap the opportunity in the middle and low income segment, which is yet to be explored fully. We are looking at customers in the informal segment who have a monthly income in the range of Rs 10,000-Rs 30,000 and an average loan size of Rs. 3 lakhs to Rs. 10 lakhs,“ said Thomas Muthoot, Executive Director, Muthoot Pappachan Group.

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