Calculator MO App
Home > Media Room > Press Release > Aspire Home Finance launches MALA - Mahila Awas Loan from Aspire For the Women - By the Women

Aspire Home Finance launches MALA - Mahila Awas Loan from Aspire For the Women - By the Women

01-Jan-1970  Mumbai

Aspire Home Finance launches MALA - Mahila Awas Loan from Aspire
For the Women - By the Women
First all women branch in Naigaon (Mumbai Metropolitan Region)
Earmarked funding 1000 women customers to realize the dream of owning a home
Aspire Home Finance Corporation Limited (AHFCL), a subsidiary of Motilal Oswal Financial Services Ltd, launches MALA - a home loan division especially for women and by women. MALA would provide housing finance assistance and advisory services to low income women both salaried and self-employed for purchase / construction of affordable housing units. MALA is designed to offer loans starting from 2 lakhs to 12 lakhs to salaried working women in private companies, small scale industries, nursing and paramedic attendants, housekeeping staff, peons in schools/colleges, maid servants, cooks etc. and self-employed women running their own business: vegetable and fruit vendors, home-based business like weaving, agarbatti making, papad making, ready-made garment making, running small time kitchen, tailoring, laundry, tutoring, wedding contractors etc.
MALA’s first branch has been launched in Naigaon, Mumbai Metropolitan Region (MMR). All branches under MALA program would be exclusively manned by women staff. AHFCL plans to open more such branches in Maharashtra, Gujarat and Madhya Pradesh in a phased manner. Aspire is looking to provide housing loan assistance to 1000 women customers in the current financial year under MALA program.
At the occasion, home loan of Rs.7,51,000 was provided to Mrs. Dhanashree Rane for acquiring a property in Naigaon. Mrs. Rane is into providing tiffin services from her place of residence over the last 3 years. Also, home loan of Rs.8,20,000 was provided to Mrs. Manisha Kamble for acquiring a property in Kalher, Thane. Mrs. Kamble runs garment stitching from her residential premises since last 5 years. Mr. Motilal Oswal, CMD, Motilal Oswal Financial Services Ltd said “This is a very proud moment for all of us. Within one year we have managed to launch such a specialized product for under-served women. With this product, Aspire has moved a step closer towards their goal of financial inclusion."
Mr. Anil Sachidanand, MD & CEO of AHFCL said “Being a low and mid income home finance company with focus only in retail home loans, post a comprehensive research, we decided to bring in a product to cater to low income women customers. There has been a lot written about low income segment and their financial inclusion, but earning women in this segment have been the most under-served. Their quest for searching a home has often always gone unanswered. MALA is a sincere effort to play a small role in fulfilling home owning aspirations of these women who work hand in hand with their male counterparts and sometimes, all alone, to give a dignified living to their families as well as braving for good academic pursuit of their children. Under this program, we also offer them regular EMI and Step up based repayment facilities so that they do not face the burden of monthly loan instalment right at the outset.”
On the occasion, Mr. Subodh Kuckian, Business Head of Mumbai region said, “There are more than 11 lakh working women in MMR. Majority of them belong to LMI families wanting to own a home but are turned down by financial institutions due to difficulty in judging their ability and willingness to pay. Our initial screening plays a very important role in ensuring that shortlisted customers desirous of owning a home have required cash flow to fund the installments. Our credit team then takes over and undertakes a detailed evaluation process using qualitative and quantitative techniques to select the deserving customers. Our credit decision is based on the family background, the academic pursuit of the children and small saving habits of the customers. These customers would also be eligible for pre-approved loans for funding important events in their lives like children’s education and marriage based on their repayment track record.
Ms. Deepali Shinde, the unit head of Naigaon branch adds, “In line with AHFCL’s business philosophy of giving holistic customer experience, we believe our responsibility is not confined to only providing home loans. We have entered into tie up with various builders in MMR locations providing wide range of property options to our women customers at below market offerings. Further, we provide specialized counseling on the entire process of home buying and home loan. Our professionals help these customers to build sound banking habits and building savings for future. Our end to end hassle free services make MALA a unique proposition to our women customers.”
About Aspire Home Finance Corporation Limited (AHFCL)
Aspire Home Finance Corporation Limited (AHFCL) is a professionally managed housing finance company which works on the business philosophy of providing long term housing finance to target lower and middle income customers towards purchase of affordable housing units. The Company started its business operations from June 2014. In the first year of business operations, AHFCL has turned profitable registering a Profit after Tax of Rs.2.17 crs for the year ended March 31, 2015. 
As of June 30, 2015, AHFCL loan book has crossed Rs.558 crs and has provided long term housing finance to 5590 Indian families with an average loan ticket size of Rs.9.83 lakhs. AHFCL is a subsidiary of Motilal Oswal Securities Limited (MOSL) which is a part of Motilal Oswal Financial Services Limited (MOFSL), a diversified financial company focused on wealth creation through knowledge. Mr. Motilal Oswal is the Chairman of AHFCL Board. 
AHFCL is managed by a team of professionals having strong experience in Indian housing finance market and headed by Mr. Anil Sachidanand, a veteran of over 25 years in Indian home finance industry. The Company has its presence in Maharashtra, Madhya Pradesh, Gujarat and Telangana.
AHFCL has been rated “CRISIL A+/Stable” by CRISIL for long term borrowings and “ICRA A1+” by ICRA for short term borrowings.

    Subscribe on Newsletter