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.
“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 Rs 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 Rs 10-11 lakh. The loan-to-value ratio is at 60-65%.