Financial Daily from THE HINDU group of publications
Thursday, Mar 07, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 07, 2002 |
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Money & Banking
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Housing Finance Birla Home Finance plans retail spread Anand Krishnamoorthy NEW DELHI: Birla Home Finance is chalking out a plan to spread its retail network and gain a bigger share of the growing housing loans market, a top company official has said. The joint venture between the K.K. Birla-promoted Chambal Fertilisers and BHW of Germany began operations by acquiring ITC Classic Home Finance in May 1999. Birla Home Finance currently operates in 10 cities. "We are going to expand our retail network and will finalise the details shortly,'' the official told Business Line. Unlike other companies in the growing housing finance market, Birla Home Finance has chosen to do direct sales rather than resort to appointing sales agents. "We will continue to adopt that strategy and not take the agents' route,'' the official said. One of the ways in which the company proposes to expand its network is by tying up with other companies. "We have studied other routes as well. We could cross-sell products of other companies, like credit cards or fixed deposit schemes or even insurance products,'' the official said. By the close of fiscal 2001-02, Birla Housing would have approved Rs 150 crore of loans and disbursed Rs 110-120 crore, the official said. — A. K.
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