Grihum Housing expects insurance distribution licence by March

GRIHUM HOUSING FINANCE, formerly known as Poonawalla Housing Finance, has applied to the Insurance Regulatory and Development Authority of India for a corporate agency licence, which will help diversify product offerings and earn fee income. The company expects to receive the licence by March.

- AJAY RAMANATHAN

"We are awaiting clearance (from Irdai). Given the deep borrower-lender relationship in home loans, our ability to facilitate insurance is deep, provided we get the corporate agency licence," managing director and chief executive officer Manish Jaiswal, said.

Currently, assets under management stand at 7,500 crore, and it caters to over 75,000 customers. Around 62% of its customers are in the self-employed category. The average ticket size of loans in this category is 10-11 lakh. The loan-to-value ratio is at 60-65%.

Currently, the company is clocking a monthly disbursal run-rate of around 300 crore. It will end the current fiscal with disbursements of 3,000 crore.