Sundaram Home Finance Expands in Pune to Boost Maharashtra Disbursements

Sundaram Home Finance has opened its second branch in Pune, targeting Rs 450 crore disbursements in Maharashtra. The subsidiary of Sundaram Finance Ltd aims to offer home loans with an average ticket size of Rs 40 lakh to the mid-market segment. The company recorded a net profit of Rs 66 crore in Q1 FY2024.

Sundaram Home Finance has inaugurated its second branch in Pune, with a goal to make disbursements of Rs 450 crore in Maharashtra this year, the company announced on Friday.

The subsidiary of Sundaram Finance Ltd achieved disbursements of over Rs 250 crore in the Western state last year. Now, the company boasts six branches across Maharashtra, offering home loans primarily targeted at the mid-segment market with an average ticket size of Rs 40 lakh. Last financial year, it achieved disbursements of over Rs 100 crore in Pune alone.

Company Managing Director D Lakshminarayanan stated, ''Pune is becoming a vibrant home finance market, and its proximity to Mumbai has spurred rapid growth in infrastructure and the burgeoning presence of IT firms. This new branch follows the success of our first in the city.''

The company also expanded into Navi Mumbai in February and saw robust demand within the first six months. In addition to Pune and Navi Mumbai, it operates branches in Thane, Nashik, and Nagpur. Lakshminarayanan added, ''We aim to explore opportunities outside South India and plan to expand in West and Central India selectively.''

Sundaram Home Finance recorded a net profit of Rs 66 crore for the April-June 2024 quarter, making disbursements totaling Rs 1,353 crore.

(With inputs from agencies.)