Aspire Home Finance Corporation has raised ₹100crore debt from International Finance Corporation (IFC) to fund its expansion in the lower and middle income housing market segments. The housing finance company , a subsidiary of Motilal Oswal Financial Services, plans to use the rupee denominated funding to meet the financing needs of people with average loan requirement of ₹10 lakh.
Its parent Motilal Oswal Financial Services is also looking to invest ₹100 crore of additional equity capital in the mortgage lender in the current financial year. Once the transaction is complete the promoter capital in the firm will go up to ₹500 crore since its inception in June 2014.
Aspire Fincorp plans to raise ₹3,000 crore in all from various institutions this fiscal, double that it did last year. Its major funding sources currently are banks and mutual funds.
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