Muthoot Homefin to disburse ?700 Cr Home Loans in FY22
Muthoot Homefin (India) Ltd (MHIL), a wholly-owned subsidiary of Muthoot Finance, on 21st February said it plans to disburse ?700 crore of home loans in the 2021-22 fiscal. In the first nine months of 2020-21, the housing finance company disbursed ?85.6 crore as against ?356.4 crore in the same period of the previous fiscal. Currently, it has assets under management of ?1,800 crore. The company's Managing Director George Alexander Muthoot said the company “is aiming to disburse ?700 crore of home loans in FY2021-22. We are steadfastly progressing on taking the 'Housing for All' initiative of the government to the farthest tier II and III locations in the country in order to support the affordable housing needs and aspirations of every Indian." The company has transferred over ?300 crore of loan subsidy under Pradhan Mantri Awas Yojana's Credit Linked Subsidy Scheme from National Housing Bank (NHB), the release said. It has also received ?225 crore of refinance from NHB. During the third quarter ended December 31, 2020, the company reported an 82.7 decline in standalone profit after tax (PAT) at ?1.8 crore compared with ?10.4 crore in the corresponding quarter of the previous fiscal. In the first nine months of the current fiscal, the mortgage financier's standalone profit after tax dropped 75.49 per cent to ?7.5 crore from ?30.6 crore in the year-ago quarter. The stage 3 assets stood at 1.56 per cent in April-December period of fiscal 2020-21 as against 1.65 per cent in the year-ago period. The lender has operations in 16 states and union territories, and serves more than 22,000 customers.
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