Star Housing Finance Ltd receives Rs. 50 crores term loan sanction from SBI

Star Housing Finance Limited (Star HFL), a rural focused retail housing finance company has announced that it has received highest ever Rs. 50 crs term loan sanction from State Bank of India. The funds shall be deployed for onward lending in its operational geographies to enable credit access for prospective EWS/LIG (Economically Weaker Section/Low Income Group) home buyers.

- Star HFL is a rural focused home finance company engaged in the business of providing housing finance on fair terms to retail EWS/LIG home buyers to purchase / construct own homes in its operational geographies.

- Star HFL has multi state presence with headquarters in Mumbai. The Company is professionally managed by more than 160 employees across functions and geographies.

- The company has received sanction of term loan facility of Rs. 50 crs from State Bank of India for onward lending. This facility is the single highest line in the Company's operational history.

- The credit line shall be availed and is planned to be deployed for retail lending in its operational geographies through its branch offices and Points of Presence.

- The sanction is expected to further strengthen liability program, compliment the asset growth and through this provide impetus to home ownership for prospective borrowers aiming to own an own home.

Commenting on the development, the senior leadership of Star HFL had to say: Mr. Kalpesh Dave, CEO Star HFL: "This is a happy occasion for us which validates the series of small steps that we have taken to build up in this journey amidst all challenges that we have faced as a growing company. Liability franchise is an engine of growth for a lending institution and this highest ever single credit line will not only enable asset scale up but also shall bring in a precedence in further engagements with existing and prospective lenders. This line will be deployed in our operational geographies in line with our retail small ticket home loan business philosophy carrying ahead the growth momentum."

Mr. Ashish Jain, MD Star HFL: "We are happy to have achieved this special milestone on liability front and are thankful to the State Bank of India for sanctioning the credit line based on the merit that we deserve. As a responsible lender, Star HFL shall utilize this line for quality asset build up. Retail low ticket housing finance space has huge business potential and we aim to be a meaningful player in this space. Strong liability machinery and adequate capitalization levels helps us to build our balance sheet and this credit line will go a long way in achieving our business objectives."

Source : Equity Bulls

Keywords

StarHousingFinance TermLoan Sanction SBI