SMFG Grihashakti to add 5 new branches in TS, AP

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 plans to add another 3-5 branches in both the States by FY25 and also improve its distribution network. It aims to make affordable housing finance available to aspiring home owners across the two Telugu States.

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. It provides a diverse range of financial products to its customers across the country, including loans for home improvements, home constructions, home extensions, loans against properties, and loans to purchase or resell properties.

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. The State contributes around 9 per cent to the overall AUM (Assets under management) of the company at Rs 639 crore in H1 of FY24.”

“Telangana is one of the top five States in terms of AUM for SMFG Grihashakti after Maharashtra, Rajasthan, NCR and Gujarat. 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.

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.