Sundaram Home Finance, a Chennai-based company, has announced its entry into the affordable housing segment. The company plans to disburse loans of up to Rs 35 lakh in smaller towns, targeting the retail customer segment in tier-2 and tier-3 cities. This move follows the company’s diversification into small business loans last year.

According to Lakshminarayanan Duraiswamy, the managing director of Sundaram Home Finance, focusing on smaller customers in the affordable housing space aligns with the government’s intent in this sector. Duraiswamy believes that this segment has significant growth potential for the company in the long term.

To capitalize on this opportunity, Sundaram Home Finance plans to open about 10 branches in small towns in Tamil Nadu and Andhra Pradesh. It will also hire 50-75 people by March to handle loan disbursals exclusively for the affordable housing segment.

With a net profit increase of 21 percent in the first quarter of this year and loan disbursals of around Rs 1,104 crore, Sundaram Home Finance aims to disburse Rs 10 crore in the affordable housing segment by March 2024.

The AI legalese decoder can assist Sundaram Home Finance in navigating the legal aspects associated with entering the affordable housing segment. With its ability to decode complex legal terminology and contracts, the AI legalese decoder can ensure that Sundaram Home Finance fully understands the legal obligations and requirements involved in offering loans in this segment.

By using the AI legalese decoder, the company can streamline its loan disbursal processes and minimize the risk of legal disputes or non-compliance issues. The tool can also provide insights and recommendations on how to optimize loan agreements and ensure regulatory compliance.

Additionally, the AI legalese decoder can help Sundaram Home Finance stay updated on any changes or updates in the legal framework surrounding affordable housing, enabling the company to adapt and adjust its operations accordingly.