Mumbai: Mahindra Mahindra Financial Services is all set to enter the mortgage business with its board greenlighting the new venture, media reports said.
Under the new business, the non-banking finance company will provide housing finance, top-up loans, lease rental discounting, home improvement and home extension loans among other services, according to a Moneycontrol report.
The lending firm aims to use its solid geographical reach in the retail loan space to make available the mortgage lending opportunity for its existing customers as well as new customers, it said.
The board of directors approved the expansion into the mortgage business in a meeting held on Friday.
An investment of about Rs 20 – 30 crore has been set over the next 12 months, the report said.
Mahindra Mahindra Financial Services Limited shares closed at Rs 332.75 on the NSE, with a 0.44 percent increase. The stock has soared 20.93 percent in 2024 so far, outperforming the Sensex, which grew by 14.69 percent during the same timeframe.
