Asia’s richest businessman Mukesh Ambani is set to assist the country’s citizens in fulfilling their dream of owning a home. His non-banking financial company (NBFC) is developing plans to provide loans to the general public. The groundwork for this initiative has already begun. Mukesh Ambani launched his NBFC, Jio Financial, last year. However, on Friday, the shares of Jio Financial saw a decline of over 1%. In this article, we will explore the company’s plans in detail.
Company’s Updates on Home Loan Services
Jio Fintech Services’ non-banking financial company, Jio Finance Limited, announced on Friday that they are in the final phase of launching home loan services. The company has already initiated a beta testing phase for this service. Additionally, Jio Finance is also preparing to introduce other products, such as loans against property and securities.
During the first annual general meeting after getting listed, Chief Executive Officer (CEO) Hitesh Sethia addressed the shareholders, stating that they are nearing the launch of the home loan service, which is currently in the testing phase.
Broader Financial Product Offerings
Hitesh Sethia further mentioned that the company is working on other lending products, including loans against property and securities, which are also in the pipeline. Jio Finance Limited has already made its mark in the market by offering secured loan products such as supply chain financing, mutual fund loans, and equipment financing solutions.
Stock Market Performance
On the same day, Jio Financial’s stocks experienced a decline of over 1%. According to data from BSE, the shares closed at ₹321.75, reflecting a drop of 1.21%. During trading hours, the shares reached a low of ₹320.50, while the day’s high was recorded at ₹331.60. Notably, Jio Financial’s stock had a 52-week high of ₹394.70. The company currently boasts a market capitalization exceeding ₹2 trillion.
Conclusion
This move by Mukesh Ambani and his company to provide affordable loans for homebuyers is expected to impact the real estate market positively. As Jio Financial gears up to expand its services, potential homeowners can look forward to more accessible financing options. With a robust foundation and ambitious plans, Jio Financial aims to transform the lending landscape in India.
