Pune: AU Small Finance Bank (AU Bank) [BSE: 540611; NSE: AUBANK], a Fortune India 500 Company, today announces their reentry into Housing Finance segment. AU Bank had earlier (as Au Financiers) built a successful housing franchise under its wholly owned subsidiary. The company will be offering various products and services at very competitive rates to their customers to address their housing finance needs which includes purchase / construction of new house, takeover of existing loan, repairing or renovation of existing property, etc. The company will also offer loans under government’s affordable housing and subsidy schemes like Pradhan Mantri Awas Yojna.
The customers can avail loans upto maximum of Rs.1 crore. The product will be targeted for both salaried and self-employed (professional and non-professional) customers in urban, semi-urban and rural areas which is the Bank’s core market segment. The maximum tenure of the loan for salaried customers would be upto 25years whereas for SEP/SENP customers, it would be upto 20 years. Currently, the Bank has launched a pilot for this product in Jaipur, Bikaner and Udaipur areas. Soon the product will be expanded across the 11 states in a phase manner.
Mr. Sanjay Agarwal, MD & CEO, AU Bank said, “We have a deep understanding of the housing finance business given our track record in this product and customer segment. It was just a matter of time for AU Bank to announce this offering post becoming a Small Finance Bank. Our strategy to reintroduce housing finance products in our portfolio is essential to complete the bouquet of product offerings. We envisage home loans to be one of the important product segment in our growth path.”
AU’s existing customer base of more than 6 lakh accounts spread across 306 bank branches and 106 asset centers, offers a captive pool of customers for home loan.
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