After taking over the home loan arm of ING Vysya Bank last year, Dewan Housing Finance now targets to double its business to Rs 900 crore (Rs 9 billion) this fiscal and increase its assets to Rs 5,000 crore (Rs 50 billion) by 2007 through massive expansion drive in rural and semi-urban areas.
"We have plans to sanction loans worth Rs 1,000 crore (Rs 10 billion) this fiscal compared to Rs 525 crore (Rs 5.25 billion) in 2003-04," Dewan Housing managing director Kapil Wadhawan told PTI in New Delhi.
He said the company plans to disburse loans worth Rs 900 crore in 2004-05 as against Rs 470 crore in 2003-04.
It also targets to almost double its profits to Rs 40 crore (Rs 400 million) this fiscal from Rs 24 crore (Rs 240 million) in 2003-04, Wadhawan said.
Revealing the company's future plans, he said: "We have a well laid out plan for the next three years and it envisages rise in asset size to Rs 5,000 crore by 2007."
The company's assets increased substantially after it took over ING Vysya Bank's home loan arm last year.
Dewan has plans to increase its presence in the eastern part of the country. "We have opened offices in Kolkata, Ranchi and there are plans to foray into smaller towns, districts and talukas as well," he said.
"We will be raising capital from the market this year to meet our business requirements," he said.
The company is trying to enter the markets where there is no presence of housing finance companies and intends to give loans to economically poor and backward classes at competitive rates.
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