Aadhar Housing Finance (P) Ltd.’ inaugurated its first branch in Ranchi, Jharkhand at Office No. 5, 3rd Floor, Shree Sai Towers, Burdman Compound, Lalpur. This is Aadhar’s fifteenth branch in the country.
Aadhar was envisaged by DHFL and IFC, a member of the World Bank group, as a segment focused housing finance company to reach out to the low income segment with incomes ranging from Rs. 5000/- to Rs. 20000/- pm in six identified states namely Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Jharkhand, Bihar and Orissa. Aadhar will enable access to housing finance to this segment that has limited access to any form of formal lending and will provide loans up to Rs. 6 Lac.
Speaking at the inauguration ceremony, Mr. Harshil Mehta, CEO, Aadhar said “Ranchi is the second most populous district of Jharkhand after Dhanbad with a population of 11,26,741*. It is also recognised as the highest employment generating Tier-III city in India with a share of 16.8%. Owing to the rising employment opportunities and opening of numerous regional and state level offices, banks, and FMCG companies, the city has witnessed a rapid influx of employment seeking migrants and demand in housing.”
Aadhar will operate through its branch offices in Ranchi, Dhanbad and Jamshedpur and will reach out to Hazaribagh, Ramgarh, Bokaro and Saraikela through a hub-n-spoke model.
Speaking on Jharkhand Mr. Mehta stated, “Jharkhand has the largest concentration of mineral resources and forest in the Indian sub-continent and is thus preferred for setting up large and medium industries based on minerals, forests, and metals. Existence of large engineering and mining industries and premier consultancy organisations like C.C.L., H.E.C., USHA MARTIN, MECON, and CMPDIL provide large scale scope for ancillaries and the need for housing in the state.”
Aadhar offers an array of products including home loans, home improvement/extension loans, plot loans, self-construction loans and gradually extend products such as mortgage loan, lease rental finance and non-residential property loan/s. The company also provides all its customers with a free ‘Triple Benefit’ insurance plan that safeguards the customer and his family in case of any unfortunate event.
Aadhar also refinances project loans essentially for development of low cost housing projects.
In the last 12 months of its operations across Uttar Pradesh, Madhya Pradesh, Chhattisgarh and Orissa, Aadhar has already received and processed over 3000 applications.
The company has customized its systems & processes to enable housing finance to the common man who have a regular source of income but do not have the necessary documents to support it.