April 19, 2024 05:35 (IST)
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Bajaj Finance Ltd gets approval to set up a Housing Finance Company
Mumbai, Oct 6 (IBNS): Bajaj Finance Ltd, one of the most diversified NBFCs of the country, has received approval from the National Housing Bank (NHB) to set up a Housing Finance Company, as a wholly owned subsidiary.
The company had applied for a license to NHB through its subsidiary Bajaj Housing Finance Ltd. last year and was granted the same on September 24, 2015.
Bajaj Finance ltd, the lending arm of Bajaj Finserv Ltd, started its Mortgages business in 2008 and currently offers Home Loans for SMEs and salaried customers, Loan against Property, Lease Rental Discounts, Developer Finance Products to its clients.
The Mortgages business forms about 40% of the company’s loan book of Rs 35,557 crores as on June 30.
“Getting the Housing Finance Company (HFC) license is a significant step for Bajaj Finance Ltd. as it will strengthen our competitive position in mortgages business. The advantages include additional avenues of borrowings, lower risk weights for certain class of loan, easier legal repossession, amidst others,” says Rajeev Jain, MD Bajaj Finance limited.
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