More News

Magma plans housing finance, gold loan business

Magma it plans a separate subsidiary for housing finance business and will focus on affordable housing segment in tier 4 to 6 towns.


""We will apply for the licence shortly," said Magma vice chairman and managing director Sanjay Chamria. "It will be a 100% subsidiary to start with," he said.

The proposed company will be registered with National Housing Bank. T he country's Rs 5 lakh crore mortgage finance market is growing at 17-18% rate with Rs 1.5 lakh crore of incremental annual business.

The Kolkata-based non banking finance company will also launch its gold loan business as Chamria feels its a secured business with good growth potential. ""Outlook for gold loan business is very positive,"" he said.

The lender with a Rs 12,000 crore outstanding loans is now active in financing cars, new and old commercial vehicles, construction equipment, tractor and SME businesses. In 2011-12, it has disbursed Rs 7,400 crore, registering a 37% growth over Rs 5,400 crore disbursement in the preceding fiscal.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.