IIFL Home Finance, India’s leading affordable housing finance company, offers unique home loan – ‘Swaraj’ -to meet the needs of borrowers in the informal income segment. Home loans offered under Swaraj are between Rs 2 lakh and Rs 20 lakh.
Swaraj Home Loan is a unique product available across India. It addresses home loan requirements of first-time borrowers who may or may not be supported by formal income documentation, and hence cannot be provided a loan under regular underwriting norms.
Mr Monu Ratra, CEO, IIFL Home Finance said, “Understanding the constraints faced by those in the informal income segment, with low or zero credit history and low banking habits, we have initiated ‘Swaraj’ loans as a mark of respect to their hard work and entrepreneurial spirit. Swaraj Home Loan complements our broad objective to provide loan to the underserved. We lend to deserving borrowers through our efficient risk and compliance appraisal, to help them fulfill their dreams.”
Swaraj benefits semi-skilled workers like plumbers, electricians, carpenters, drivers, mechanics, technicians, salesman, peons, and security guards, who are either working as salaried employees in small organizations or working independently as self-employed. Swaraj can also be availed by shopkeepers, traders and contractors.
IIFL Home Finance is a part of IIFL Group’s non-banking finance arm, India Infoline Finance Limited, which is a systemically important Non-Banking Financial Company not accepting public deposits and engaged in the business of home and property loans, gold loans, loan against securities, SME business and micro-finance loans. IIFL Finance has a long-term credit rating of AA (Stable) by Crisil, AA (Stable) by ICRA and AA (Positive) by CARE.