In a statement, the company said that over the past five years since its inception, Muthoot Homefin has disbursed over Rs 2,600 crore home loans. Currently, it has assets under management (AUM) of Rs 1,800 crore with operations in 16 states and Union territories of India serving more than 22,000 customers.

"For the coming year, in addition to further penetration into the existing geographies, Muthoot Homefin also plans to expand its operations in the southern states of India and aims to disburse up to Rs 700 crore of home loans in FY 2021-22," it said.

It also added that the company's credit rating has been upgraded to "AA+ (stable)" from "AA (positive)" by Crisil during the week ended Friday and the upgrade will allow the company to raise funds at competitive interest rates, thereby passing on the benefits to its end customers, it added.

George Alexander Muthoot, Managing Director said: "Muthoot Homefin is aiming to disburse Rs 700 crore of home loans in FY 2021-22. We are steadfastly progressing on taking the 'Housing for All' initiative of the government to the farthest tier II and III locations in the country in order to support the affordable housing needs and aspirations of every Indian."

As of now, the company will be focusing on expanding its housing finance operations in the southern states of the country.

"With the additional focus towards collections in FY2020-21, the company has been able to contain delinquencies on the portfolio during the pandemic and have now stabilised its collections," the MD said.

Muthoot Homefin (India) Limited is a wholly-owned subsidiary of Muthoot Finance. It operates as an affordable housing finance company.