New Delhi, Nov 10 (IANS): Godrej Group on Tuesday announced its entry into the financial services industry with the launch of Godrej Housing Finance (GHF).

With the launch of the housing finance company, the group aims to build a long term, sustainable retail financial services business in India, aiming for a balance sheet of Rs 10,000 crore in the next three years, said a company statement.

"Godrej Housing finance will offer fair, fast and flexible home loans across India starting with customers in Mumbai, NCR, Pune and Bangalore. GHF will partner with developers including Godrej Properties, to build a superior financing experience for their existing and new customers," it said.

Commenting on the launch of the business, Pirojsha Godrej, Chairman, Godrej Housing Finance, said: "The increasing formalisation of the real estate sector combined with the dislocation in the residential real estate and housing finance markets makes this a particularly interesting opportunity at the current moment. We hope to deliver value to the Indian home buyer with a deep focus on fair, fast, and flexible home loans that delight our customers."

Manish Shah, Managing Director and CEO of Godrej Housing Finance said that the housing finance market is underpenetrated and underserved along with industry being complex. He said that Godrej Housing Finance aims to correct this and usher a refreshingly simple and transparent way of doing business.

"We want to give customers a home loan that is customised to what's important to them, basis their housing needs, financial capability and convenience," Shah said.

Godrej Housing Finance intends to focus on the mortgage business starting with home loans, followed shortly by loans against property. In the near future, the company will expand its product portfolio to offer business and personal loans, leveraging the group's consumer and agri business ecosystems to build these verticals.