Sundaram Home Finance Targets ₹450 Crore Disbursements in Maharashtra for 2024

Sundaram Home Finance has launched its second branch in Pune, aiming to achieve disbursements of ₹450 crore in Maharashtra this year, the company announced on Friday. A wholly-owned subsidiary of Sundaram Finance Ltd., the non-banking finance company recorded disbursements exceeding ₹250 crore in Maharashtra last year.

Currently operating six branches across the state, Sundaram Home Finance offers home loans primarily targeting the mid-segment market, with an average ticket size of ₹40 lakh. In the last financial year, the company disbursed over ₹100 crore in Pune alone.

“Pune is emerging as a vibrant home finance market, with its proximity to Mumbai driving rapid infrastructure development and an increasing presence of IT companies,” said Managing Director D. Lakshminarayanan. “This expansion in Pune follows the success of our first branch in the city.”

Earlier this year, Sundaram Home Finance expanded its footprint in Navi Mumbai. “We have observed strong demand for home loans in the first six months of our operations in Navi Mumbai and anticipate continued growth. We are currently bolstering our team in Mumbai to support our next phase of expansion,” Lakshminarayanan added.

In addition to Pune and Navi Mumbai, Sundaram Home Finance operates branches in Thane, Nashik, and Nagpur. The company is focused on expanding its presence beyond its traditional southern market. “We will continue to explore opportunities outside South India and gradually expand in select regions of West and Central India,” Lakshminarayanan noted.

With Tier 3 and 4 towns driving disbursements, the company remains committed to strengthening its presence in the Southern market. Sundaram Home Finance reported a net profit of ₹66 crore for the April-June 2024 quarter and disbursements totaling ₹1,353 crore.