The title sounds too good to be true… Well, it’s a reality! We at Home First have been doing it since 2010 and it’s safe to say we know a thing or two about it “Home Loans without income proof”!
So, what is “no income proof”?
It’s important to first understand the term “no income proof” completely before we get into the nuances.
In developing nations like ours, a sizeable chunk of the society belongs to the LIG (Low-income group) & EWS (Economically weaker section) segment who are often overlooked be it food, healthcare, education or basic banking. To throw in a number, it is approximately 15-20 million individuals who are underbanked and typically these individuals might not have a documented income proof. Which means they would have some sort of income but they won’t be able to prove it on any hard copy. This could happen due to various factors; they might be employed but earning a cash salary or they might own little business ventures which are not duly registered. To take a few examples of such profiles we can look at a machine operator in a factory or an autorikshaw driver for that matter. Small merchants and business owners like the “kirana store” in your mohallah or the “pani puri wala” to whom you rush every evening might not have access to any kind of financing, let alone easy home loans. Even though they are cable of repayment, they are not even aware of the options available in the market for them. They are unaware of the fact that there are financial institutions who can help them and enable them to lead a better life.
At HomeFirst we have a popular saying – “We see you, and not your documents!”
How do we do it?
Well, we believe in touch and feel credit. Instead of hassling our prospective customers with a long list of required documents. We keep calm and hear their side of the story. We ask them to keep their identity proof handy and then do a careful assessment of their income, savings, liabilities etc. We try to understand their family background, their thought process and end use of the loan. If they are skilled at something, we try to find out if that can become an additional source of income in the future. We treat each customer with empathy and try to create a unique Home buying experience for them.
Why we do it?
All this detailed information gathering helps us counsel the prospect better. Gives us a certain comfort about their capacity to pay EMIs. It also enables the prospect to get a higher loan eligibility and plan his future expenses carefully.
We work like the super sleuth – Sherlock, in pursuit of a hidden truth! We take data-driven decisions, challenge the convention, take that calculated risk as we have promises to keep. As a company, we would hate ourselves if we are unable to process a Home loan for someone who is truly eligible. We feel our fresh approach to credit and overall lending policy would bring in a lot of positive change to the society at large!
You can check this video out to learn more –