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Aspire Home Finance helps realize home owning aspirations of women members in "Mumbai BidiKamgar Association"

Mumbai 19-Nov-2015

Aspire Home Finance helps realize home owning aspirations of women members in "Mumbai BidiKamgar Association"

MALA (Mahila Awaas Loan from Aspire Home Finance), an all women home loan division has tied up with "Mumbai BidiKamgar Association" to provide housing loan assistance to women workers of this association. These women earn approximately Rs 5000 - 6000 per month through bidi making. Most of these women live in slums on rent with very little access to basic necessities such as water, electricity, clean toilets, basic hygiene, etc. 
MALA has begun by playing a small role in changing the current scenario for these women. In the first month since launching this partnership, MALA has received more than 75 applications from women of this association and has been able to provide home loans to 25 women bidi workers with an average loan size of approximately Rs 3 lakhs.
Mr.Anil Sachidanand, MD & CEO of AHFL says,"MALA was started with an intention to provide long term housing finance to working women in low income segment and we are happy that the division has continued to focus on this business philosophy. MALA stepped in at the right time when doors of other financial institutions remained closed for these women. We look forward to bring more number of such self reliant women under financial inclusion, who live with dignity and strive to provide a better future to their children and their family." 
Ms. Deepali Shinde, Head of MALA division adds,"In all the applications, we have received so far in this category, these women bidi workers contribute almost equally to the household income as their male counterparts. In addition to the quantitative factors taking into account, our women credit staff gave key importance to the fact that these workers gave prime importance to education to their children and also ensured they save smaller amounts every month post all expenses"
MALA division has gone beyond the traditional role of housing finance company and through its tie ups with builders in affordable housing space, has helped these women customers in shortlisting the property from range of options. MALA division, through a MALA counsellor (who would also be a woman), also assists these customers in explaining the entire home loan process, drafting the sale agreement, vetting the legal documents and other due diligence required in home owning and loan process.
MALA has gone from strength to strength since its inception and through such initiatives looks forward to play a meaningful role in bringing financial independence to women customers by providing them an access to credit.

About Aspire Home Finance Corporation Limited (AHFCL)
Aspire Home Finance Corporation Limited (AHFCL) is a professionally managed housing finance company which works on the business philosophy of providing long term housing finance to target lower and middle income customers towards purchase of affordable housing units. The Company started its business operations from June 2014. In the first year of business operations, AHFCL has turned profitable registering a Profit after Tax of Rs.2.17 crs for the year ended March 31, 2015. 
As of June 30, 2015, AHFCL loan book has crossed Rs.558 crs and has provided long term housing finance to 5590 Indian families with an average loan ticket size of Rs.9.83 lakhs. AHFCL is a subsidiary of Motilal Oswal Securities Limited (MOSL) which is a part of Motilal Oswal Financial Services Limited (MOFSL), a diversified financial company focused on wealth creation through knowledge. Mr. Motilal Oswal is the Chairman of AHFCL Board. 
AHFCL is managed by a team of professionals having strong experience in Indian housing finance market and headed by Mr. Anil Sachidanand, a veteran of over 25 years in Indian home finance industry. The Company has its presence in Maharashtra, Madhya Pradesh, Gujarat and Telangana.
AHFCL has been rated “CRISIL A+/Stable” by CRISIL for long term borrowings and “ICRA A1+” by ICRA for short term borrowings. Company has received "The Most Admired and Valuable Home Finance Company, 2015, in the recently held Indian Leadership Conclave award function and also been awarded “The Financial Services Institution of the Year” by ASSOCHAM.

About Motilal Oswal Financial Services Limited
Motilal Oswal Financial Services Ltd. (NSE: MOTILALOFS, BSE: 532892, BLOOMBERG: MOFS IN) is a well-diversified, financial services company focused on wealth creation for all its customers, such as institutional, corporate, HNI and retail. Its services and product offerings include wealth management, retail broking and distribution, institutional broking, asset management, investment banking, private equity, commodity broking and principal strategies. The company distributes these products through 2,036 business locations spread across 637 cities and the online channel to over 873,176 registered customers. MOFSL has strong research capabilities, which enables them to identify market trends and stocks with high growth potential, facilitating clients to take well- informed and timely decisions. Motilal Oswal Securities (MOSL) won the ‘Best Performing National Financial Advisor Equity Broker' award at the CNBC TV18 Financial Advisor Awards 2014 for the 4th year in a row. MOSL won the ‘Best Research as Research Showcase Partner’ at Research Bytes IC Awards 2014. Motilal Oswal Private Equity Private Equity won the ‘Best Growth Capital Investor-2012’ award at the Awards for PE Excellence 2013. Motilal Oswal Private Wealth Management won at the UTI-MF CNBC Financial Advisor Award in HNI Wealth Management category for 2015. Aspire Housing Finance won the “Most Admired and Valuable Housing Finance Company 2015” at the 6th India Leadership Conclave 2015. MOSL won the Best Broking House - Institutional Segment and Cash Segment at the Dun & Bradstreet Equity Broking Awards 2015.