Piramal Finance has set up a wholly-owned subsidiary Piramal Housing Finance, thus foraying into the retail housing finance business. The subsidiary has received a license from the National Housing Bank and it will offer home loans as well as loans against property and construction finance for small developers. The company said the retail housing finance business will initially focus on a product roll out across all major metro cities and thereafter seek to establish a pan-India presence, including tier II-III towns and cities. The retail construction finance arm will focus on local developers in tier I and top developers in tier II-III geographies. The loan distribution will be driven through the developer relationships that the parent company already has in place through its wholesale lending arm. The company believes that business (Piramal Housing Finance) to business (developer) to consumer (retail home buyers) or B2B2C, is integral to the housing finance business. Leveraging its successful track record, the company will seek to fund the entire spectrum of real estate, from affordable to luxury, and cater to both salaried and self-employed individuals by offering tailor-made loans at competitive market rates. The company also unveiled its new branding and logo at the launch. Its tagline ‘Loan se Pehle Log’ also underlines its uncompromising focus on value creation and building deep relationships with the entire universe of stakeholders – customers, developers and channel partners alike.
