Latest News | Business Briefs *BASIC Home Loan to Hire 25,000 Advisers over the Next 12 Months

New Delhi, Dec 10 (PTI) BASIC Home Loan, an early-stage startup developing a platform for automating home loans for middle and low-income households in India, will hire 25,000 agents across the country over the next 12 months.

The Picus Capital-backed company plans to hire, develop and train entrepreneurs, especially solopreneurs, under its BASIC Force initiative, the company said in a statement. 

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The role of home loan advisors will entail educating and advising home buyers the right lending product according to their needs, it said, adding, they will be expected to do end-to-end documentation and fulfilment on behalf of customers using the BASIC technology platform.

Started in July 2020, it said, BASIC Home Loan is targeting to disburse Rs 3,500 crore of home loans over the next 30 months, as it focuses on the underserved Rs 10 lakh crore affordable housing market.

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**** * Muthoot Finance to raise Rs 1,000 crore through non-convertible debentures

Gold loan financing firm Muthoot Finance on Thursday announced to raise Rs 1,000 crore from public issue of secured redeemable non-convertible debentures (NCDs) to fund business growth.  

The base size of the issue is Rs 100 crore of Rs 100 crore with an option to retain oversubscription up to Rs 900 crore aggregating upto tranche limit of Rs 1,000 crore, the company said in a statement.

The issue opens on December 11, and closes on January 5, 2021, with an option to close on such earlier date or extended date as may be decided by the board or NCD committee.

The NCDs are proposed to be listed on BSE. The allotment will be on first come first serve basis. There are six investment options for secured NCDs with 'monthly' or 'annual' interest payment frequency or 'on maturity redemption' payments with coupon rate ranging from 6.75-7.75 per cent per annum.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)