Bajaj Housing Finance announces a milestone achievement, surpassing Rs. 50,000 Cr. worth of Assets Under Management. The Company started functioning as an independent entity in March 2018 and has touched this milestone number in just four years of operations.
In the first year of operations, i.e., FY19, Bajaj Housing Finance touched its first milestone of Rs. 10,000 Cr. of Assets Under Management. The following year, the Company's AUM surpassed the Rs. 25,000 Cr. mark, reaching Rs. 32,705 Cr. by the end of FY20.
Bajaj Housing Finance closed FY21 with an AUM of Rs. 38,871 Cr. The same year, the Company introduced a novel offering in the form of External Benchmark (Repo Rate) linked Home Loans - becoming the first Housing Finance Company (HFC) to offer its customers the choice to link their home loans to an external benchmark, i.e., the RBI Repo Rate. While the RBI mandates banks to link Home Loans to external benchmarks, such as the Repo Rate, HFCs can link their home loans to internal benchmark linked rates, also known as the Floating Reference Rate.
Bajaj Housing Finance Limited is a 100 per cent subsidiary of Bajaj Finance Limited - one of the most diversified NBFCs in the country with 19 product lines across consumer, commercial, and SME finance catering to more than 21 million customers across the country. Headquartered in Pune, Bajaj Housing Finance Limited offers finance to individuals and corporate entities to purchase and renovation of homes or commercial spaces. It also provides loans against property for business or personal needs and offers working capital for business expansion purposes. It also provides finance to builders and developers engaged in constructing homes. Bajaj Housing Finance Limited prides itself on holding the highest CRISIL AAA (Stable) rating.
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( With inputs from ANI )
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