Magma to shift focus to housing sector

Visakhapatnam: Magma Housing Finance Limited, a non-banking finance company, decided to now focus on affordable housing segment in semi-urban and especially a few rural areas in three coastal districts Vizianagaram, Visakhapatnam and Srikakulam. 

Managing Director and CEO of Magma Housing Finance Manish Jaiswal during his visit to three coastal districts interacted with the media on Saturday and said that they have plans to disburse Rs 500 crore in the next fiscal year in the business in the state, which is the best state among a few others for business. 

Manish Jaiswal said that they would like to see a growth of 40 to 50 per cent in the coming fiscal year and said that they are confident that in a couple of years, they would disburse Rs 500 crore in the state. At present, the share of home loan is close to 30 per cent while Loan Against Property (LAP) is 70 per cent of their total business.

“We planned to reverse this mix in the near future, Jaiswal said. Presently, we have 40 branches in the state and we are also chalking out plans to increase the branches in the coming days”, he added. Magma is a non-deposit taking non-banking finance company (NBFC) that provides financing for utility vehicles and cars, commercial vehicles, construction equipment, used commercial vehicles, tractors and SME loans.