Stock Report

Star Housing Finance Ltd receives Rs. 25 crores term loan sanction from LIC Housing Finance Ltd

Posted On : 2024-04-19 22:00:24( TIMEZONE : IST )

Star Housing Finance Limited (Star HFL), a rural focused retail housing finance company has announced that it has received Rs. 25 crs term loan sanction from LIC Housing Finance Ltd. 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.

- Headquartered in Mumbai, Star HFL operates across multiple states and is managed by a professional team of over 250 employees spanning various functions and geographical areas.

- The company has secured a term loan facility of Rs. 25 crores from LIC Housing Finance Ltd for the purpose of onward lending.

- This credit line will be utilized to expand retail lending activities within Star HFL's operational areas through its branch offices and Points of Presence, thereby enhancing its liability program, supporting asset growth, and facilitating homeownership for aspiring borrowers.

Regarding this development, senior leadership at Star HFL provided the following comments: Mr. Kalpesh Dave, CEO of Star HFL, said, "We are pleased with this milestone as it starts the momentum of our liability franchise for the current year. It underscores the incremental progress we have made in our journey despite encountering various challenges as a growing enterprise. The liability franchise serves as a growth engine for a lending institution, and this credit line not only facilitates asset expansion but also sets a precedent for future collaborations with existing and potential lenders. We intend to deploy this line within our operational regions in alignment with our philosophy of catering to the retail small-ticket home loan segment, thereby sustaining our growth trajectory."