IIFL targets doubling new home loans per month this financial year
India Infoline Housing Finance Ltd (IIFL Home Loans) which recently launched first-of-its-kind home loan facility, ‘Jhatpat Home Loans’, aims to double its loan disbursal target of new home loans per month this financial year.
“Jhatpat Home Loan facility has become truly instrumental in helping the company register impressive monthly growth in its loan book. We have already been able to double our monthly capacity with same number of employees, which will help us further double our numbers,” said Monu Ratra, CEO, India Infoline Housing Finance Ltd.
“We look forward to build on the growing confidence of our customers, coupled with the reduction in our operational cost on the back of the USP of Jhatpat home loan facility that offers the customers doorstep loan approval service that too in just 60 minutes or less. IIFL being a progressive organisation has successfully leveraged the technology to increase its productivity with simultaneously making the loan disbursal process less cumbersome for the customers,” he added.
Under Jhatpat Home Loans offering, IIFL executives analyse the customer documents through its high powered technology platform in seconds and grant the loan approval in minutes. Jhatpat home loan was designed after thorough research of customer requirements and difficulties they face while looking for a home loan.
Stating about the challenges being faced by the loan seekers, Mr. Ratra shared, “Usually customers approach multiple financial institutions with a lot of documentation, taking time off their work and yet it takes many days to get a sanction letter. In case of Jhatpat, a home loan can be approved at much faster pace.”
While for most housing finance companies, a home loan decision still remains a manual exercise, IIFL has strengthened its back-end technology and built a decision engine which provides the loan decision real time online. IIFL Jhatpat home loan is targeted for customers in tier 1 & 2 cities and towns. IIFL also helps Jhatpat home loan customers with additional subsidy under Pradhan Mantri Awas Yojna (PMAY) Urban scheme which helps in monthly instalment savings in the range of Rs 2200 – Rs 2500.
IIFL Home Loans is ahead of most banks and housing finance companies in subsidy distribution.
National Housing Bank has recognised IIFL Home Loans as one of the top three private lending institutes under Credit Linked Subsidy Scheme (under Pradhan mantri Awas Yojana).