MUMBAI: Online credit aggregator Finance Budhha has tied up with Fullerton Grihashakti for customers who are left out of the housing loan space because of failing to meet the credit approval parameters.
Grihashakti, a wholly owned subsidiary of Fullerton India Credit Company, provides people with home loans in the affordable housing space. Finance Buddha will use their multichannel approach using analytics and marketing to identify customers for this segment, and couple it with their offline presence to provide real time solutions and products in this space. The lending platform feels that this tie up will give a huge boost to the government’s project for ‘Housing for all by 2022′.
“Presently there is a shortfall of 71 million affordable housing units in India. Our housing company – Grihashakti, was set up to address this growing demand for affordable housing units. We believe that this alliance will leverage our individual strengths and will help us in catering to the needs in affordable housing segment,” said Ravindra Rao, CEO, Fullerton Grihashakti.
Rao added that shortage for housing for the lower income segment will be 25 million by 2025 (inclusive of the backlog), which is currently being valued at anything between Rs. 5-10 trillion.
“We are confident of working with them to ensure deeper penetration of this important product suite, we encourage various stakeholders like builders, real estate brokers, loan agents, financial experts etc. to partner with us to provide this important service to people looking for affordable housing loans. This is also in line with our credit inclusion agenda” says Arun Raj, Business and Strategy head, Finance Buddha.
Credits ET Realty