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Andromeda’s Home Loan Business Tops Rs 33000 Crore

Torbit - April 28, 2024 - - 0 |
Andromeda’s Home Loan Business Tops Rs 33000 Crore

Leading loan distribution network, Andromeda Sales and Distribution clocked Rs 75397 crore of loan disbursals in FY 24, registering a growth of 23 percent, driven largely by the stellar performance of the home loan business. The home loan business surged to Rs 33918 crore, , up by 22 percent from Rs 27798 crore in FY23. Loan against property touched Rs 24776 crore, registering a YoY increase of 10.33 percent.

Andromeda’s loan portfolio has witnessed exponential growth, increasing nearly fivefold from Rs 15333 crore in FY19 to Rs 75397 crore in FY 24 across all segments.  The North region had a lion’s share of 35-36 percent followed by West (31-32 percent), South (25-26 percent)  and the balance by the Eastern region. Home loans and loans against property are the primary drivers for Andromeda A significant surge has been observed in the affordable housing loan sector Says Raoul Kapoor, Co-CEO of Andromeda , ” Despite a 50 bps increase in interest rates, the demand for home loans continue to grow, buoyed by a positive economic outlook, digitalization, faster approvals.It has also been made possible due to geographical expansion in Tier 2-3-4 cities due to rising demand for home loans”.

Buoyed by its impressive performance, Andromeda is now charting an expansion path, especially as it already has a presence in 100 towns and cities  and expanded its branch network to 470 branches in FY 24, up from 350 in the preceding year. Looking Ahead,  Raoul Kapoor anticipates growth in the number of agents across India, increase in disbursals across multiple products, expansion of branches nationwide and increased reach to tier 2-3 cities.

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