New Delhi, Sept 09: After acquiring Vysya Bank’s housing arm, Dewan Housing Finance Corporation aims at Rs 340 crore business this fiscal, a 100% growth. The merged entity, DHFL Vysya Housing Finance (DVHFL), has also reduced interest rates on housing loans to 8.7% from 9.25% for five-years’ maturity. “The company is now poised for fast-track expansion and aiming at 100% growth this fiscal,” DVHFL managing director R Nambirajan said. The company has a housing loan portfolio of Rs 170 crore and posted a net profit of Rs 4.7 crore last fiscal. Dewan Housing, having an assset base of Rs 1,045 crore, acquired 92.4% in Vysya Bank Housing Finance. The merged company would soon be named Dewan Vysya Housing Finance for which approvals from National Housing Bank, registrar of companies and shareholders have been obtained already.

Nambirajan, who has taken over the management of the company after his stint in PNB Housing Finance, said the company would expand in semi-urban and rural areas soon. The company would also come up with variable rate schemes along with choices like monthly and annual rests for borrowers soon, he added. Bureau Report