NewZNew (Chandigarh) : Aadhar Housing Finance Limited (Aadhar) today announced its foray into Punjab and Haryana with the launch of its 11 branches at Chandigarh, Ludhiana, Jalandhar, Amritsar, Bathinda, Panipat, Hisar, Faridabad, Patiala, Ambala and Rohtak. Aadhar provides housing finance to lower income consumer segments for Both Salaried and Self-employed individuals with monthly incomes ranging between Rs. 5,000 to Rs. 50,000. The company aims to disburse over Rs 120 crore through these branches in the financial year 16-17 where it is estimated that over 50 lakh homes would be required by 2022.
Aadhar aims to enable affordable housing finance to over 1,700 Economically Weaker Sections (EWS) and Low income group (LIG) segment of the society. The launch into the two new States will take the total number of Aadhar branches in the country to 101 covering more than 500 locations in 13 states. The Chandigarh branch is located at Zirakpur and will further reach out to 6 more locations, namely Rupnagar, Mohali, Kharar, Bassi, Khanna and Fatehgarh Sahib through a hub-n-spoke model.
Speaking on the occasion, Deo Shankar Tripathi, CEO, Aadhar Housing Finance Limited said, “Aadhar’s foray into Punjab and Haryana is an important milestone in our quest to expand our footprint and reinforce our dedication and commitment to empowering the EWS and LIG segments to own a home of their own.”.
The urban housing requirement falling under the economically weaker section and the low income group stands at 97% of the total shortfall. These are predominantly self-employed individuals and fall under the informal segment. To address this situation, Aadhar recently launched a first of its kind ‘No Income Proof Product,’ for these informal segment customers with a monthly income ranging from INR 5,000 to INR 50,000. The new product will facilitate affordable housing finance to this under-privileged segment of the society that do not have easy access to financial assistance due to irregular cash flows and lack of proper income documents.