Star Housing expects 10 to 15 pc of business from semi-urban locations over the next 3 years
Star Housing Finance plans to make 10-15% of its business through its new personalized products for the semi-urban population over the next three years, leveraging reverse migration after the COVID-19 pandemic.
There has been an increase in demand fueled by migration from small hamlets to semi-urban areas and reverse migration from cities to these locations, Star Housing Finance (Star HFL) said in a statement.
It has been estimated that around 60-75 million (6-7.5 crore) individuals have returned to their home countries during the pandemic and of these, at least 25% are continuing to begin their lifecycle. from their respective origins, he added.
“This bodes well for the housing industry as it has contributed to an additional demand of 4-5 million units (40-50 lakh),” Star HFL said.
Ashish Jain, chief executive of Star HFL, said the company has come up with specific home loan products after extensive research by its ground staff.
“We are probably the first housing finance company in India to offer personalized mortgage products focused on rural areas, specifically catering to the demand of the upside down migrant population and small self-employed.
“Our differentiated offer aims to offer a fresh look while responding to the real problems encountered by households in rural areas, who have mostly noticed only ordinary home loan products,” he said.
Star HFL expects a minimum of 10-15% of business from these loans and therefore plans to provide housing finance assistance to more than 1,000 families through these products over the next 36 months, Jain said. .
The company has launched five products under its “Star Gram Griha Loans” umbrella. It will offer personalized loans for the construction of a pucca roof, the construction of an additional storey, the construction for commercial purposes for the self-employed and the financing of the construction of toilets in an existing structure.
The Rural and Semi-Urban Focused Star HFL is present in Maharashtra, Madhya Pradesh, Gujarat, Rajasthan and Tamil Nadu.
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