Sundaram BNP Paribas Housing Finance to raise Rs 3,500 cr to fund its expansion plans

Chennai: Metropolis-based Sundaram BNP Paribas Dwelling Finance Ltd is planning to boost Rs 3,500 crore throughout this monetary yr to fund its growth plans, managing director of the corporate Srinivas Acharya mentioned.

The corporate is a three way partnership between non-banking finance agency Sundaram Finance Ltd and BNP Paribas Private Finance.

The corporate would proceed to give attention to the southern States and improve penetration into its current areas of operations, Acharya mentioned.

“To fund our growth, we plan to boost Rs 3,500 crore this yr by means of a mixture of time period loans from banks, refinance from Nationwide Housing Financial institution, subordinated debt, mounted deposits and business papers”, he mentioned in a press release right here.

The corporate at present has over 110 branches throughout the nation serving 50,000 prospects.

Representational picture. Reuters.

“Score company ICRA has upgraded our mounted deposit ranking to MAAA (secure) from MAA+, the corporate mentioned.

“The outlook on the long-term ranking is reaffirmed at AA+ secure”, it mentioned.

The funding profile of the corporate is diversified with NHB refinance and debentures constituting 31 % and 33 % of the entire borrowings, respectively, as of March, 2018.

“Fastened deposits contribute to 15 % to the funding combine. Sundaram Dwelling Finance has a deposit base of Rs 1,042 crore. There was a gross addition of Rs 387 crore final yr”, it mentioned.

Sundaram Dwelling Finance has revised the rates of interest on mounted deposits by 50 foundation factors.

As per the brand new revision, senior residents would get eight % every year for deposits upto 18 months, 8.25 % for deposits of upto 36 months, 7.75 % for deposits of upto 60 months.

Trusts would get rates of interest of 8.25 % every year for 36 months deposit.

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