CHENNAI: Sundaram Home Finance is on an expansion spree even as it targets Rs 1,000 crore disbursements from its emerging business segment.
Last year, it disbursed Rs 590 crore in the EB segment and also crossed the milestone of 100 EB branches. Now, the city-based Sundaram Home Finance plans to open another 25 EB branches in the south this year.
These new branches will come up in tier 3 and 4 towns in TN, Karnataka, Andhra and Telangana. The EB segment comprises affordable housing finance and small ticket loans.
As part of its expansion, the company plans to hire around 300 people in this segment this year, scaling its headcount to 1,100.
D Lakshminarayanan, MD, Sundaram Home Finance said, “We have established a strong foundation in the EB segment in south India. We believe there are a number of opportunities in the affordable housing segment in smaller towns in the South on the back of a resilient rural market. Our plan is to leverage the growing demand for affordable housing by setting up new branches in tier 3 and 4 towns."
Having grown steadily in the EB segment since the launch in October 2022, he believes "our current expansion will take this segment into its next phase of growth.”