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Star Housing Finance to Offer Customized Mortgage Products Focused on Rural Areas

Rural housing has seen an increase in demand fueled by migration from small hamlets to semi-urban areas and reverse migration from city centers to these locations. It has been estimated that around 60 to 75 million individuals migrated to their countries of origin during the pandemic and among them, at least 25% continue to start their life cycle from their respective origins. This bodes well for the housing sector as it has contributed to an additional demand of 4-5 million units.

Star Housing Finance Limited (Star HFL), a rural / semi-urban housing finance company operating in Maharashtra, Madhya Pradesh, Gujarat, Rajasthan and Tamil Nadu, has launched differentiated loan products personalized for the consumer rural areas, which would meet their specific housing needs. The company launched products under its “Star Gram Griha Loans” umbrella.

1. Star Gram Pakka Ghar loan: Financing for the construction of a pucca roof for an existing structure.

2. Star Gram Nayi Manzil Griha Loan: Funding for the construction of an additional floor to an existing house to accommodate a larger family.

3. Star Gram Vikas Griha Loan: For self-employed workers towards financing the construction of a space that would be used for commercial purposes

4. Star Gram Nayi Peedhi Griha Loan: Financing of the construction of a room in an existing house to guarantee the child a private space and comfort to study.

5. Star Gram Sulabh Swachhata Griha Loan: Financing the construction of toilets in an existing house

Speaking at the launch, Mr. Ashish Jain, Managing Director of Star HFL, said: “After extensive research by our field staff in all of our operational geographies, we have developed mortgage loan products. specific. We are probably the first housing finance company. in India to offer personalized mortgage products focused on rural areas that specifically meet the demand of the upside down migrant population and small self-employed. mainly noticed that ordinary vanilla home loan products. “

He concluded that Star HFL expects a minimum of 10-15% business from these loans and therefore plans to provide housing finance assistance to over 1,000 families through these products over the next 36 years. month.

Shares of Star Housing Finance Ltd were last trading in BSE at Rs. 88.45 from the previous close of Rs. 89.55. The total number of shares traded during the day was 1,456 in more than 50 trades.

The action hit an intraday high of Rs. 93.70 and an intraday low of 86.90. The net turnover during the day was Rs. 130,148.00.

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