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DMI Finance expands its housing finance business

India Blooms News Service | | Sep 24, 2014, at 03:24 am

#DMI Finance expands its housing finance business

New Delhi, Sept 23 (IBNS): DMI Finance, a leading NBFC in India, has today announced plans to expand the retail business of its subsidiary DMI Housing Finance.

While DMI Finance continues to focus on providing wholesale corporate loans pan-India, DMI Housing Finance is focusing on expanding its business of providing mortgages and LAPs to home buyers and owners.

Speaking on the occasion, Yuvraj Singh, co-founder and joint-MD, DMI Finance said, “We are very excited about the retail mortgage business in India. Total mortgage debt remains lower than 10% of GDP while in the US it is closer to 80% of GDP. A youthful population, rapid urbanization, regular income growth and a very supportive Government is creating a huge opportunity for both borrowers and lenders.”

Shivashish Chatterjee, co-founder and joint-MD added: “Household wealth in India is almost $4 trillion of which about $3 trillion is locked in real estate. Housing finance is an effective way to unlock this wealth for more productive use. DMI Housing Finance will play its part in this very important function with an initial focus on North India. We expect to continually expand our product offering to meet the varying needs of home buyers and owners.”

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