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The company was originally incorporated as ‘Vysya Bank Housing Finance Limited’ at Bengaluru, Karnataka as a public company under the Companies Act, 1956, pursuant to a certificate of incorporation dated November 26, 1990, issued by the Registrar of Companies, Karnataka at Bangalore (RoC) and commenced operations pursuant to a certificate for commencement of business dated November 27, 1990, issued by the RoC. Subsequently, the name of the company was changed to ‘DHFL Vysya Housing Finance Limited’ and a fresh certificate of incorporation dated October 15, 2003, was issued by the RoC. Separately, an entity named ‘Aadhar Housing Finance Private Limited’ (Pre-merger AHFPL) was incorporated as a private limited company under the Companies Act, 1956, at Mumbai, Maharashtra pursuant to a certificate of incorporation dated May 3, 2010, issued by the Registrar of Companies, Maharashtra at Mumbai, which commenced its operations in February 2011. Pre-merger AHFPL was later converted into a public company and consequently, its name was changed to ‘Aadhar Housing Finance Limited’, and a fresh certificate of incorporation dated September 3, 2013 was issued by the Registrar of Companies, Maharashtra at Mumbai. Pre-merger AHFPL was later merged into the company pursuant to a scheme of amalgamation approved by the National Company Law Tribunal, Bengaluru Bench at Bengaluru, vide its order dated October 27, 2017 (Scheme of Amalgamation). Pursuant to the Scheme of Amalgamation, the name of the company was changed to ‘Aadhar Housing Finance Limited’ and a fresh certificate of incorporation dated December 4, 2017, was issued by the RoC.
Aadhar Housing Finance is a retail-focused HFC focused on the low income housing segment, serving economically weaker and low-to-middle income customers, who require small ticket mortgage loans. It offers a range of mortgage-related loan products, including loans for residential property purchase and construction; home improvement and extension loans; and loans for commercial property construction and acquisition. Its financial performance has remained consistent and resilient through various external events in the Indian economy. It has made social objectives one of the core objectives of its business model. It operates a financially inclusive, customer centric lending business and its business model contributes significantly to the economic uplift of its target customers by contributing to an improvement in their standard of living. In addition to its customer-facing social objectives, it has also implemented social objectives in aspects of its business. Its presence in urban and semi-urban locations across India provides a source of employment in these locations.
The company has robust and comprehensive systems and processes for underwriting, collections and monitoring asset quality. These systems and processes are also technology enabled across its front office and back office with a view to ultimately digitize the entire life cycle of a loan from origination to closure. Loan applications from salaried-customers go through its regional processing unit (RPUs), increasing efficiency while those from self-employed customers, which require close understanding of the customer and their cash flows, are managed regionally. It also has an internally developed credit assessment model and have digitized monthly collections from customers to the extent possible to reduce processing and improve collection efficiency. It has migrated to a digital IT infrastructure with a view to reducing costs, carrying on real time analysis of customer data, improving its control and underwriting functions, while increasing customer reach and distribution capability. These measures will further improve its operational efficiency by improving processing times and productivity. It secures financing from a variety of sources including term loans and cash credit/ working capital facilities, proceeds from loans assigned, proceeds from the issuance of NCDs, refinancing from the NHB and subordinated debt borrowings from banks, mutual funds, insurance companies and other domestic, development financial institutions to meet its capital requirements.
Business area of the company
Aadhar Housing Finance (Aadhar) is one of the largest low-income housing finance companies in India servicing the home financing needs of the low income sections of the society. The company endeavours to empower underserved millions to own their first homes.
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