Chennai, 01.08.22: IIFL Home Finance Ltd (IIFL HFL), India’s fastest growing digital first home finance company, expanded to add over 100 branches in Andhra Pradesh, Telangana, Tamil Nadu, Maharashtra, Punjab, Haryana, Rajasthan, Karnataka, Gujarat, Madhya Pradesh and Uttar Pradesh on August 1, 2022. With the expansion, IIFL HFL’s total branch network has expanded to 268 branches across 16 states till June, with the leading home loan entity aiming for a total of 350 branches by next financial year and 500 branches by FY 2025-26. The ambitious expansion by IIFL HFL aligns with the company’s focus on scaling up in FY 22-23 and coming years. IIFL HFL targets growth in tier 2-3 cities to reach to the masses. Currently about 10% of business comes from these markets which the company targets to take to 18-20% over next few years.
These branches will be focusing on IIFL Affordable Home Loan and Shakthi Loan Against Property, catering to first time home buyers and small business of the country, aiming to serve the underserved customers from the EWS/LIG section of the society. The company has disbursed over Rs. 28,900 cr of home loan to over 166,765 beneficiaries since inception till date. Majority of them being first time home buyers hence aligned to ‘Housing for All’ mission by Government of India.
The company offers loans through digital and paperless process, providing loan approval in just 25* minutes. While IIFL focusses on providing affordable home loan, they will now also offer IIFL Shakthi Loan which is a small ticket size Loan Against Property for small business owners such as, small grocery store owners, salon owners, vegetables vendors, small traders and agricultural ancillary owners. To enable the MSME sector, IIFL Shakthi is secured business loan to boost the ‘Make in India’ initiative. IIFL HFL has been supporting the MSME sector with over 40,000 loans.
IIFL HFL expanded and added 17 branches in the state of Tamil Nadu. With the expansion, IIFL HFL’s domestic network has expanded to 28 branches in Tamil Nadu. The existing branches provide employment to over 150 people in the state. The current disbursed home loan amount in Tamil Nadu is Rs 923 cr to over 4,280 beneficiaries. IIFL HFL is one of the leading FIs to contribute towards CLSS PMAY-U. It facilitated over Rs. 1,346 cr of interest subsidiary to over 55,000 households nationwide. In the state of Tamil Nadu, over Rs. 27 cr was facilitated to over 1,100 beneficiaries under the government’s CLSS PMAY (U).
With ’25 minute loan approval and Loan starting from Rs. 2 lakh only!’ as the main messaging, IIFL HFL launched its brand campaign for 100+ branch launch in 11 states across mediums such as print, digital, influencer marketing, OOH, Below the Line (including ATM, Auto Branding, etc) and Cable TV. The campaign commenced with a short and impactful video on digital platforms, and is targeted towards the deeper geographies of India, especially the EWS/LIG section. While the quirky and relatable video communication was conceptualised by the company’s creative agency The Minimalist, the campaign was designed internally by the Marketing Team at IIFL Home Finance. The campaign focusses on the two major offerings of IIFL HFL, Home Loan and Shakthi Loan Against Property.
At the momentous occasion, Monu Ratra (ED and CEO) said, “We are taking a giant leap towards financial inclusion, and our focus is to provide India’s potential home buyers and small business owners, from a specific LIG/EWS economic strata, easy access to affordable loans. Opening of these new branches will be our humble contribution to the nation’s socio-economic development”.
As a fintech housing finance company, IIFL HFL is dedicated to making its customers’ journey of loan process as seamless as possible; by leveraging its future-ready technology which offers 100% digital onboarding of its customers.