IIFL Home Finance is now offering a unique home loan product ‘Swaraj’ to help borrowers in the informal income segment. They can now get home loans between Rs 2 lakh and Rs 20 lakh. Swaraj home loans address the home loan requirements of first time borrowers who may or may not be supported by formal income documentation, and hence cannot be provided a loan under regular underwriting norms. Monu Ratra, CEO, IIFL Home Finance, said understanding the constraints faced by those in the informal income segment, with low or zero credit history and low banking habits, the company has initiated Swaraj loans as a mark of respect for their hard work and entrepreneurial spirit. The loans are provided to deserving borrowers through an efficient risk and compliance appraisal, he added. Swaraj benefits semi-skilled workers like plumbers, electricians, carpenters, drivers, mechanics, technicians, salesman, peons, and security guards, who are either working as salaried employees in small organizations or working independently as self-employed.
