New Delhi / Mumbai: GE Money, the financing arm of General Electric Co., will invest $200 million (Rs798 crore) in India by 2011 to boost home loans in the second fastest growing major economy. The GE Money Wizard Home Loans will have 250 branches in India in four years, according to a statement distributed to reporters in New Delhi on Thursday.
“I am confident our deep understanding of the market would go a long way in enabling Wizard Home Loans to position itself as a preferred home loan provider in the country,” said T.P. Chopra, chief executive officer of GE India.
The company will offer home loans at 9.99% interest rate, said Wizard India chief executive officer Egisto Franceschi. In 2004, GE Money, acquired Australia-based Wizard Home Loans. Other bank and non-bank lender rates vary between 9% and 13%, depending on the loan tenure.
India will need as many as 10 million new housing units annually by 2030, according to estimates from the Asian Development Bank. DLF Ltd and Unitech Ltd are building apartments and townships to meet demand from a growing middle class.
GE Money, set up in 1994, has tie-ups with Maruti Suzuki India Ltd for vehicle loans and State Bank of India, for credit cards.