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Magma Fincorp to focus on affordable housing segment: Report

03 Aug 2017 Evaluate

Magma Fincorp is reportedly planning to focus on the affordable housing segment instead to grow its home loan business. Its total housing loan book, which includes loan against property also, is close to Rs 2,972 crore.

Currently, the share of home loan is close to 30 per cent while loan against property is 70 per cent of their total business. The company intends to reverse this mix in the near future.

During the current fiscal, Magma’s focus would be on bringing down cost of funds and managing asset quality even if that comes on the back of a lower growth in business.

Magma Fincorp is a non-deposit taking NBFC registered with the Reserve Bank of India (RBI) as an asset finance company. It started operations two decades back and is now listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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