Low income and affordable housing finance seems to be the target for Chennai based Aptus Value Housing Finance India. The company, promoted by M Anandan, former MD, Cholamandalam Investment and Cholamandalam MS General Insurance aims to focus on the suburbs near metros along with urban and semi urban areas of Southern India.

According to Anandam, the motive of the HFC is to target those customers who are not able to use the conventional routes of housing finance that is major banks and HFCs due to lack of sufficient documentary evidence needed to get one.

"We will give them a loan of Rs 10 to Rs 20 lakhs for period not exceeding 15 years. The interest band will be 13 to 14%. As we go along, we will drill down to provide a loan of Rs 3 to Rs 10 lakhs to cover lower income groups."

The company wishes to lend out as much as Rs 125 crore during the first year of its operation that is from August to March.