Affordable housing space has become a sweet spot for many new entrants in the housing finance business. In June 2015, Prime Minister Narendra Modi had launched the Pradhan Mantri Aawas Yojana (Urban) with an intention to provide housing for all in the urban areas by 2020.The affordable housing market got a boost since then as the market is underpenetrated and customers find it difficult to source loans from banks as the latter would’ve stringent credit norms.Gaurav Pawra, Chief Executive Officer, Clix Housing Finance, said, “People have various understanding and interpretation of affordable housing space. People have been using this word for different customer segments, ticket size and geography. We also went through a journey to identify the segment and how we can add value as we want to be in the affordable space.”Clix HFC zeroed on customer segment that is urban affordable or semi-formal and differentiated themselves from a rural player with an average ticket size of Rs 23 lakh. Clix Housing started its operations in 2018 and is now present across across 5 states and 8 branches as of 31 March 2020 and offers home Loans and Loan against Property (LAP).Similarly, Satin Housing Finance also started its operations in… Read full this story
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