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| Mr. Gagan Banga M D & CEO Indiabulls Housing Finance |
In the interview he stated that affordable housing loan is their sweet spot and that the company aims to reach out to people who have an income of Rs. 75,000 to Rs. 1, 25,000 per month. He further stated that in the last 8 years IBHFL has built a good skill set in lending to the self-employed people. Today, nearly 30% of the Indiabulls home loan borrowers belong to the self-employed category and the remaining percentage are the salaried customers.
On the major trends in the Housing Finance sector, Mr. Banga said that the mortgage industry is growing at a slightly better pace than bank credit and within that the housing finance companies are growing at a better rate. Over the last six years the housing finance companies share has increased to 45% from 35% in the mortgage pie. Owing to the rising salaries of the entry level employees there is a phenomenal growth in the affordable housing loan segment. Mr. Ganga Banga said that since the growth in housing loans for properties that cost more than Rs. 2 crore is rather slow, most of the housing finance companies are focusing on the affordable home loan category.
Looking at the trend, over the past few years, Indiabulls Housing finance Ltd has been consciously concentrating more on the affordable housing sector than other segments because this segment has been giving reasonable returns. Mr. Banga feels since the return is good from the sector there is no need to do many things at a time. Over the next 10 years more self-employed people would apply for Home Loans and IBHFL’s expertise in this sector will help them grow at a steady pace
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