CHENNAI: Sundaram Home Finance on Friday announced the launch of affordable housing solutions under the brand 'Anugraha', aiming to strengthen its presence in Tier II and III towns.

The subsidiary of non-banking finance company Sundaram Finance, forayed into the affordable housing financing segment last year, under the 'emerging business' segment which includes offering small business loans.

"Under the Anugraha brand, it will offer affordable housing finance to aspiring homeowners in the lower to mid-income segment," it said in a release.

Sundaram Home Finance managing director D Lakshminarayanan said, "We are bullish on affordable housing finance and see this as a fast-growing segment for the company.

The 'Anugraha Housing Finance for all' product aligns with our focus to expand deep into Tier II and III towns."

Along with the small business loans, he said, the company expects affordable housing finance to be a solid growth driver in the coming years.

Sundaram Home Finance has over 50 branches in Tamil Nadu and Andhra Pradesh in the emerging business segment. It registered disbursements of over Rs 200 crore last financial year.