SMFG Grihashakti eyes expansion in Telangana, Andhra Pradesh
The housing finance company plans to add 5 new branches to make overall 20 branches in 2 Telugu States by FY25 from 15 branches at present
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Hyderabad: SMFG Grihashakti (formerly Fullerton India Home Finance Co Ltd), a housing finance provider in India, is planning to expand its footprint in Telangana and Andhra Pradesh. It aims to make affordable housing finance available to aspiring home owners across the two Telugu States.
Telangana is one of the top five States in terms of AUM (Assets under management) for SMFG Grihashakti after Maharashtra, Rajasthan, NCR and Gujarat. The state contributes around 9 per cent to the overall AUM of the company at Rs 639 crore in H1 of FY24.
Telangana has also recorded an impressive growth of 100 per cent in disbursals in H1FY24 (YoY). SMFG Grihashakti plans to sustain its growth trajectory by focusing on expanding its presence in tier-2 and tier-3 cities by building a strong in-house sales team and adding more branches across the State.
Currently, the company has a workforce of over 120 employees and a network of seven branches in Telangana, while it has around 100 employees and eight branches in AP. SMFG Grihashakti plans to add another 3-5 branches in the state by FY25 and also improve its distribution network.
The company provides a diverse range of financial products to its customers in Telangana and across the country, including loans for home improvements, home constructions, home extensions, loans against properties, and loans to purchase or resell commercial properties.
Additionally, SMFG Grihashakti also offers construction financing solutions for mid-tier developers leveraging the company’s extensive industry experience, strong parental relationships, nationwide distribution network, and a robust risk management framework.
Speaking about the company’s expansion plans in Telangana and AP, SMFG Grihashakti MD & CEO Deepak Patkar said, “Telangana is an important State in SMFG Grihashakti’s growth story and we are committed to provide housing loan products to the underserved across the State.
“Our strategic focus on expanding branches and bolstering our workforce reflects our dedication to making home ownership a reality for more individuals and families, especially in tier-2 and tier-3 cities," he added.
