Economy Finance

Reliance Home Finance all set to relaunch its online platform

Ravindra Sudhalkar, the CEO of Reliance Home Finance claims, “For the purpose of sanctioning loans, we would be launching a ‘two-click’ process.”

According to the recent statement given by the Executive Director and CEO of Reliance Home Finance, he said that the mid-rung company would “relaunch its online platform on May 15”.

In an interview with Business Line, Sudhalkar claimed that the company intends to launch a “two-click” program for sanctioning loans for potential home buyers with the help of its online platform.

According to Sudhalkar, “One click could be used for submitting KYC details and also for submitting bank statements. Within a span of  few minutes, the organization would quickly process the data to inform the prospective home loan client and know the eligible loan amount that has been sanctioned for him.”

Submitting of Aadhaar card was made compulsory from July 1st by Reliance Home Finance.

Sudhalkar further added, “Our online platform is being re-launched. A soft launch has been planned for May 15. We aim to attract more and more clients to get through the online platform. We had an online platform earlier, however, it was quite dreary. Currently, a two-click sanction would be accessible for clients.”

By 2021, the company focused on affordable housing, Reliance Home Finance aims for assets under management (AUM) of a staggering ₹50,000 crore.

With an AUM of ₹16,379 crore, as on 31st March 2018, the 10-year old company showed a 47 percent jump in comparison to 2017.

Reliance Home Finance has set its sights to achieve a 30-35 percent AUM growth for the current fiscal and hopes to onboard a minimum of 2,000 new customers monthly by March 2019.

Sudhalkar revealed that a major share of the company’s clients consisted of self-employed non-professionals (SENP). Over the course of time, he remains optimistic for this category of clients to grow even further.

Sudhalkar’s statement reads as follows, “With the introduction of GST, various self-employed individual would need housing loans. So, naturally, the contribution of the self-employed to the incremental business of housing finance companies will rise.”

Sudhalkar also mentioned that the company was affected in a positive manner from GST as well as demonetization, he even went on to claim that it contributed to the company’s growth. The SENP category consists of 73{27c26ef558c28c964c96a6821835eda56a0f914c6657a8b819ac8be921972988} of AUM, till date.

To further provide support for affordable housing, Sudhalkar suggested that, “anything that classifies as ‘income’ can be used, also the doing away of the area classification would work.”

He further added, “a middle-income group (MIG) borrower should be eligible to receive credit linked subsidy scheme benefit if they wish to upgrade their house.”

“I would recommend, that first-time recipients should be made eligible instead of stipulating it just for first-time purchasers. Give the advantage for all individuals who wish to renovate their house. This will prove to be beneficial for all MIG individuals,” Sudhalkar concludes.

About the author

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Tina Alexandra

She has completed her mass media and loves to teach students English, Geography, and History. She is a newbie at TheFinanceDesk and her major role is to edit, review and write articles.

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