Banks to grant loan of Rs. 200 crore to Adhar Housing

Adhar Housing Finance is likely to raise Rs. 200 crore from different banks of the Nation. So far this project was being backed by International Finance Corporation; they have proposed few big banks to raise Rs 200 crore for in mutual project of loans which would help to release capital and develop business.
The CEO of Housing Finance Company affirmed that they have been spoken to couple of Banks so far both in private and public sector and company is expecting to strike deals worth Rs 100 crore in first week of August. The rest of the amount pool would be dispensed by the banks within September. The purpose to unlock capital and keep churning the loan is the portfolio of the company. Churning Loan is a process of raising cash through consecutive cash-out refinancing. Direct handing over of loans is a process of pooling in loan receivables and insertion them with financiers for raising funds. The originator of the loan pays interest on it.

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Adhar Housing is a Dewan Housing Group company, aims to expend Rs 2100 crore this fiscal. Last year’s disbursal was Rs 1010 crore. This year the payout is more than double. Starting from March, 2016 with outstanding loan amount Rs. 1820 crore will be mounted to double Rs. 3500 crore by next year March. As per last update the last outstanding loan amount at the end of June, 2016 was Rs. 1936 crore. Now this is going to be the second attempt by Adhar Housing, soon after its first ever assignment of Rs 75 crore loans to Dena Bank.
Currently the company is paying 9.6% to Dena Bank and looks to strike next deals at 9.5% level expected by the company officials. The stumping maturity of the loan receivables would be around 8-9 years. The average cost of fund for Adhar Housing is around close to 10%. The company is planning to raise sum of 400 crore through direct assignment of loans to banks this fiscal. The housing finance company is expecting to develop quickly before its merger with DHFL Vysa Housing finance, another Dewan Housing Outfit. The merger plan has obtained backing from IFC, which hold 20% in Adhar Finance, which controls in the low cost housing sector to hold up India’s latest scheme for advancing dwelling unit for financially fragile class.

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