"Helped by strong demand from the affordable housing segment we could report a strong quarter, clocking a 24.4 per cent uptick in bottomline over Rs 676 crore we reported in the year-ago period," Gagan Banga, vice-chairman and managing director, told PTI over phone. 

The second largest pure play mortgage lender expects to grow the topline by 30 per cent this financial year as the demand for affordable housing under the PMs housing for all scheme was notified only mid last month, he said. 

"The macros for mid-income affordable housing have never been better. Factoring in subsidies under the PMAY (Pradhan Mantri Awas Yojana) and tax deductions against home loan repayments, EMIs for mid-income affordable housing is now considerably lower than the rent cheque, making home ownership very affordable and much cheaper than renting. 

"We are focused on home loans and our home loan book is expanding at a pace faster than other mortgage loans. Supported by very favourable macros for mid-income affordable we are on target to get to a balance sheet size of Rs 2 trillion by fiscal 2020," Banga said. 

Banga said the company, which crossed the Rs 1.03 trillion mark of balancesheet growth by the March quarter, is eyeing 20-25 per cent bottomline growth this year. 

He said there is a tremendous boost from mid-income affordable housing under PMAY which offers heavy subsidy and tax benefits for those with an annual income of Rs 18 lakh. 

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