Magma Fincorp awaits NHB nod for housing finance arm

Written by Sajan C Kumar | Chennai | Updated: Dec 18 2012, 08:06am hrs
Following the acquisition of home loan portfolio of GE Capital India last month, the Kolkata-based NBFC Magma Fincorp is gearing up to start its own home finance susbisidiary. The company which has a base of around 7 lakh customers and assets of R14,650 crore under management, is awaiting the National Housing Board (NHB) approval to commence housing finance operations, incorporating the bought-out portfolios.

Magma had applied to the National Housing Bank for licences to operate as a housing finance company and roped in Sachin Khandelwal from ICICI as the head of housing finance business. Khandelwal will work as the chief executive for Magma Housing Finance, the new subsidiary of Magma Fincorp.

Dhrubashish Bhattacharya, the vice president of Magma Fincorp said, Last month, we had acquired the mortgage business of two GE Capital India arms, GE Money Housing Finance and GE Money Financial Services which together have a combined asset portfolio of R1,600 crore.