New Delhi, Dec 4 (KNN) Eyeing to tap unorganized rural housing finance market, Satin Creditcare, a subsidiary of Satin Creditcare Network (SCNL) is going venture into housing finance business this month. The company said that the blue print and whole team is in place to start extending housing loans upto 10 lakhs. SCNL provides micro-credit loans to MSMEs, women, individual businesses in rural and semi-urban areas without any collateral.

On this new development SCNL Chairman and MD H P Singh in a press interview said that like the microcredit business, the company would target people in rural areas who don’t have access to formal housing credit.

He added that the subsidiary would start the business from Rajasthan and outskirts of Delhi for now with average loan size of loan is 5-7 lakh which would go up to 10 lakh.

The Gurugram-headquartered micro financier has its presence across 18 states and has now penetrated into Assam and Odisha. The company has recently raised a substantial capital from various sources, both through equity and debt, to expand the existing business and foray into housing loans. (KNN/AG)