Satin Creditcare subsidiary gets housing finance licence
Mumbai: Satin Creditcare Network Ltd, a Delhi-based microfinance firm, has received housing finance licence for its subsidiary Satin Housing Finance, the company said on Tuesday. A wholly-owned unit of Satin Creditcare, the company will focus on opportunities in the affordable housing segment.
The firm received approval from National Housing Bank, the regulator for housing finance companies on 14 November. “The market for low ticket housing finance in rural and semi-urban areas is highly under-penetrated, and thus offers a large potential for growth in this segment. We support Government’s mission of Housing for all by 2022. We plan to primarily cater to self-employed non-professionals (SENP) as this segment forms 50% of India’s working population,” H.P.Singh, chairman and managing director at Satin Creditcare said.
Apart from expanding its product offerings, the housing finance business will also help in increasing its secured loan book. “The company’s expansion into this segment complements its mission to cater to the underserved segments of the market by providing specialized financial products. This is in line with the company’s strategy of product diversification as well as diversification from unsecured lending to secured lending,” the firm said in a statement.
A listed company, Satin Creditcare operates across 16 states and union territories in India.
On Tuesday, its scrip closed at Rs367.30 a share, up 12.39% whereas the benchmark Sensex index closed at 33478.35 points, up 0.36%.