Star Housing Finance Limited (Star HFL) launched differentiated loan products tailored to the rural consumer, which would meet their specific housing needs. The company launched products under its “Star Gram Griha Loans” umbrella.
- Star Gram Pakka Ghar loan: Funding for the construction of a pucca roof for an existing structure.
- Loan from Star Gram Nayi Manzil Griha: Funding for the construction of an additional floor to an existing house to accommodate a larger family.
- Loan from Star Gram Vikas Griha: For self-employed workers towards financing the construction of a space that would be used for commercial purposes
- Loan from Star Gram Nayi Peedhi Griha: Financing of the construction of a room in an existing house to ensure the child a private space and comfort to study
- Loan from Star Gram Sulabh Swachhata Griha: Financing for the construction of toilets in an existing house
Speaking at the launch, Ashish Jain, Managing Director of Star HFL, said: “After extensive research by our ground staff in our operational geographies, we have developed specific mortgage loan products.
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 provide a fresh perspective while responding to the real problems encountered by households in rural areas, who have mostly noticed only “plain 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.
In accordance with the regulatory filing, 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.
At around 9:54 a.m., Star Housing Finance was trading at Rs93 per coin, up 5.14% from BSE.