Housing finance company, Dewan Housing Finance Corporation Limited (DHFL) has introduced a new wing focused primarily on the low income group of people. The arm named Aadhar Housing Finance Private Limited has been initiated first in Uttar Pradesh and other states having similar economic status.

The tremendous potential and large target audience in UP has triggered the idea in DHFL to launch the new company there. The company is soon to expand itself in states like Bihar, Jharkhand, Madhya Pradesh, Orissa and Chhattisgarh. Loans upto Rs 6 lakh will be offered to customers at 'the bottom of the pyramid.'

"We will seek the participation of the state government as the housing needs of low income group cannot be addressed without the state's support," DHFL CEO Anil Sachidanand said.

"Uttar Pradesh, especially Lucknow has the maximum potential in low-cost housing. According to estimates, there is a shortfall of about 2.5 million low cost housing units here," Aadhar CEO Harshil Mehta said.

The company will have schemes like home loans, home improvement/extension loans, plot loans and gradually extend products like mortgage loan, lease rental finance and non-residential property loan under its umbrella.