Bangalore: Edelweiss Housing Finance Limited, the housing finacne arm of Edelweiss Group, today announced the launch of its Bangalore operations.
EHF, which would offer home loans and other mortgage products, is targetting a loan book of Rs 1000 cr from Bangalore by fiscal year 2015.
Speaking to reporters, Anil Kothuri, CEO, EHFL said Bangalore was the third city it had forayed into after Mumbai and Delhi. It plans to be present in nine locations by this year and an additional 10 locations next year.
“By 2013 we plan to be in 19 locations and cover 90% of the mortgage market”, he said.
Explaining its foray into Bangalore,he said the city accounts for 70% of the housing loan in Karnataka and was among the top residental markets in the country after Mumbai and Delhi.
The company plans to offer differentiated products on the lines of those available overseas and those which are customised to meet the needs of different segments.
“The current housing finance market size is about Rs 1.5 trillion and we expect it to double by the end of fiscal year 2015. We expect to capture about 2% of the market over the next five years. This should give us a loan book of about Rs 1000 crore by 2015 in Bangalore”, he said.
On the home mortgage market, he said it was an attractive market and was expected to grow further. Introduction of UID and the national deposit of collaterals would help in identifying the borrowers going forward.