A Car-Loan Lender Plans to Offer $21,000 Mortgages for Indian Homes
- Cholamandalam expects to get home-finance license by March
- Non-bank finance firm will target buyers of low-cost homes
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Cholamandalam Investment & Finance Co., an Indian financier for vehicles, is persisting with its plan to set up a mortgage-finance unit undeterred by a credit crunch that’s roiling shadow banks in the nation.
A housing finance subsidiary will help the company grow its loan book faster, said Cholamandalam’s Executive Director Arun Alagappan. The company will target buyers of low-cost homes and offer loans of as much as 1.5 million rupees ($21,000), he said.