Aspire Home Finance helps 50K EWS families in fulfilling their home aspirations

With the loan book of more than Rs 4,100 Cr in 35 months, AHFCL emerged as one of the fastest growing housing finance Companies in India

Mumbai, 17 May 2017: Aspire Home Finance Corporation Limited (AHFCL), a housing finance company promoted by Motilal Oswal Financial Services Limited (MOFSL) and active in affordable housing space has crossed the milestone of providing housing finance assistance to more than 50,000 EWS (Economically Weaker Section) / LMI (Lower and Middle Income) customers towards purchase of affordable housing units since its inception. 

Aspire home finance started its business operations in June 2014 post receiving the Certificate of Registration (CoR) from the National Housing Bank (NHB) within 35 months, it has emerged as one of the fastest growing housing finance Companies in India. As of March 31, 2017, Aspire home finance has loan book of Rs.4,142 crs with an average loan size of Rs.9 lakhs on the portfolio which reflects the commitment of the Company towards realization of home owning aspirations of target EWS/LMI customers. 

Speaking on the occasion, Mr. Motilal Oswal, Chairman and Managing Director, MOFSL said, “It is indeed a momentous occasion for all of us and very heartening to see the Company reaching the milestone of servicing more than 50,000 customers cumulatively in such a short span of time. Aspire was conceptualized with an intent to provide much required demand side support in the affordable housing space at the retail level and ensure that the deserving customers in this segment do get the necessary credit access to purchase their dream homes. Our belief in this segment has not only been validated but the response that we have received from stakeholders across the housing finance spectrum, including our customers has been overwhelming. Our brand continues to be endorsed by these 50,000 customers.  It is a great privilege to cater to them at highest levels of customer service and we are confident of maintaining the same standards in future as well” He also added, “Increasing thrust by the central Government in affordable housing space augurs well for the sector. Aspire home finance is a Primary Lending Institution (PLI) under the Pradhan Mantri Awaas Yojana (PMAY) and we look forward to meaningfully contribute towards Government of India’s mission “Housing for All by 2022”

Mr. Anil Sachidanand, MD & CEO of Aspire Home Finance says, “Aspire home finance is India’s only national affordable housing finance company that has exclusive focus on retail home loans with maximum loan size not exceeding 25 lakhs. Our product and service offerings have been designed in line with the needs of our customers and our processes have been attuned to provide a positive moment of truth to them. In fact, we take pride in the fact that we have been successfully able to offer home loan solutions to one of the most overlooked sub category within the low income customers and that is the working women in low income segment through MALA (Mahila Awas Loan from Aspire) program which is an all women home loan division. As a PLI under PMAY we have provided credit linked subsidy to approx. 1,350 customers till March 31, 2017. Our tag line, ‘We give your aspirations, a home’ sums up the business philosophy of the 1100+ employees working across 120 locations in nine states of India. We continue to invest in technology, people and processes to give the best in class experience to our customers throughout the loan life cycle. Our objective is to make the loan process hassle free and go beyond the traditional role of a lender by providing value added services to these customers.”

About Aspire Home Finance Corporation Limited:

Aspire Home Finance Corporation Limited (AHFCL), a subsidiary of Motilal Oswal Securities Limited (MOSL) which is a part of Motilal Oswal Financial Services Limited (MOFSL), is a professionally managed housing finance company run by highly experienced housing finance professionals led by Mr. Anil Sachidanand a veteran in housing finance space. Aspire works on the business philosophy of financial inclusion of Lower and Middle Income (LMI) Indian families by providing them an access to long term housing finance.

Aspire was incorporated in October 2013 and commenced its business operations in June 2014. Since then over the last 35 months, Aspire has serviced more than 50,000 Indian families. Aspire has presence across 120 locations across 9 states, Maharashtra, Madhya Pradesh, Chhattisgarh, Gujarat, Rajasthan, Andhra Pradesh, Telangana, Karnataka & Tamil Nadu and has a staff strength of around 1100+ employees. 

Categorised as a Primary Lending Institution (PLI) under Pradhan Mantri Awas Yojana, a flagship scheme of Government of India, AHFCL has received as many as 8 awards till date in different categories in housing finance, a testimony of appreciation from industry stakeholders.  AHFCL has been rated “CRISIL A+/Stable” and “[ICRA]AA-(Stable)” by ICRA for long term borrowings and “ICRA A1+” by ICRA for short term borrowings.

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