Reimagining Home Loans, The HomeFirst way
kabeer murugkar • November 14, 2024
Reimagining Home Loans, The HomeFirst way
Every morning, households across India’s informal economy spring to life, as shopkeepers open their kirana store, auto drivers fuel up for the day ahead, vegetable vendors set up their shops and carpenters start assembling furniture for their latest customers. They are all part of India’s dynamic and diverse workforce, constituting around 80% in proportion and more than 50% in contributions. Despite this, one of their basic aspirations–owning a home–remains elusive.
For the undocumented informal sector, getting a home loan is still like solving a puzzle with an indefinite time frame. Juggling between a long process, extensive documentation and multiple follow-ups, all while managing work and family-related commitments and constraints, getting a home loan traditionally is cumbersome. Conventional banks are slow to adapt; with rigid, limited categories, they fall short in extending their services.
The core issue has been the assessment of income. Banks and financial institutions still primarily focus on a predefined mould–regular salaried employees with regular documented incomes. But what about the tuition teacher with steady earnings, the auto driver with consistent fares, or the factory worker with a reliable income? In search of customers who fit this mould perfectly, crucial financial nuances of an individual or a family are lost. Individuals are often denied home loans simply because their financial profiles don’t fit into the bank’s narrow criteria. Without regular documented income proof, their income sources are often perceived as unstable, even though, in reality, they can be just as consistent as formal sector jobs. This disconnect has left millions of hard-working people excluded from accessing formal home loans, despite their ability to repay them.
We believe that undocumented income shouldn’t limit financial opportunity. Our approach is simple: adapt the process to fit the customer’s life, not the other way around. We prioritise service, speed, and trust, creating a loan experience designed to adapt to the needs, different for each case.
At HomeFirst, we simplify the loan process by assigning every customer a dedicated Relationship Manager (RM). It’s a simple, but effective approach: one point of contact who handles everything and makes the process smoother, everything at the customer’s convenience. Have a lingering doubt? Customers know exactly who to call, and their RM is accountable every step of the way. It’s about clarity, respect, and efficiency.
For those in the informal sector, time is money. Taking a day off to chase paperwork or navigate through handoffs between departments is just not an option. Hence our obsession with speed: 90% of our loans are approved within 48 hours. Our process is designed to cut through the red tape, ensuring that once a customer provides the required information, they don’t have to wait weeks or months to hear back.
For many of our customers, buying a home isn’t just about fulfilling some grand vision, it is a practical necessity. It’s about securing a future on their terms–free from rising rents, where families can grow and businesses can thrive. Beyond financial security, owning a home gives our customers the freedom to invest in their future, providing stability and peace of mind. These are not lofty dreams–they’re basic, tangible aspirations that we help make possible.
We know that formal lending can seem intimidating to those who are going through the process for the first time. That’s why we approach every customer interaction with care–making the process as clear, simple, and respectful as possible.
Our customers aren’t asking for handouts. They’re not looking for favours. They want a fair chance at assessment. Often, it is just ensuring that one document here and there does not close the door on the next step. And we’re here to make sure they have access to that. No grand promises, no shortcuts, just a reliable way to help people take ownership of their future.
At HomeFirst Finance, that’s the problem we solve.
