CHENNAI: Sundaram Home Finance has entered the Karnataka market with plans to disburse Rs 60 crore in its first year of operations in the state under its Emerging Business segment.
In the initial stage of expansion, the Chennai-based firm intends to open 8-10 branches in Tier II and III towns in Karnataka, according to a press release issued on Tuesday.
Sundaram Home Finance is a subsidiary of Sundaram Finance Ltd. The company currently operates over 50 branches in Tamil Nadu and Andhra Pradesh within the Emerging Business segment, having disbursed Rs 200 crore in this category last year.
The Emerging Business division offers small business loans of up to Rs 20 lakh and affordable housing finance, with loan amounts reaching up to Rs 40 lakh.
Regarding the entry into Karnataka, Managing Director D Lakshminarayanan stated, “As part of our strategy to expand the Emerging Business beyond Tamil Nadu, we are excited to establish a solid presence in Karnataka’s Tier II and III towns over the next 12-18 months.”
He highlighted the state’s significant potential for affordable housing finance, noting the government’s strong push for this segment. “We anticipate a rising demand for credit in affordable housing and are eager to seize this expanding opportunity,” he added.
