Khush Housing Finance Private Limited (KHFL), a housing finance company, which focuses on economically weaker sections and urban poor announced opening of its sixth branch office in the country, Pune.
The new branch follows company’s existing footprints in the state. Khush Housing Finance Private Limited has set up five new offices in Maharashtra. It has set up two offices on the outskirts of Mumbai – Thane and Virar and followed by Kolhapur, Sanghli and Satra. Going forward, Khush Housing Finance Private Limited plans to set up 30 offices across the country in the next three years.
The company also signed a Memorandum of Understanding with National Housing Bank for Credit Link Subsidy Scheme under Pradhan Mantri Awas Yojana.
KHFL focuses on offering affordable housing finance solutions to economically weaker sections (EWS) and urban poor, who are usually ignored by the traditional banking institutions owing to lack of documentation, income proof, residential proof, etc. It offers customised solutions to those aspiring home-owners by ascertaining their credit worthiness through employment of unconventional parameters without impairing the asset quality.
Amit Magia, CEO and Managing Director, drives company’s vision and mission. Amit is Harvard Alumni and Chartered Accountant and a first generation entrepreneur. KHFL has put together a team of industry stalwarts and respected professionals including Chief Mentor Alok Prasad, Mentor – Policy & Processes Shekhar Ghotghalkar and Milind Gowardhan. Along with the highly motivated members, the company has already witnessed a steady flow of proposals in its markets of presence.
Speaking on the occasion, Amit Magia, said, “We are following government’s set vision of ‘Housing for All’ by 2022. We believe, for this vision to be achievable, one has to look towards empowering and uplifting the economically weaker sections and urban poor. At the same time, ensure flexible processes are adopted to include borrowers, which are otherwise excluded on technical and documentation grounds. We at Khush Housing Finance, we have developed a novel methodology, which not only mitigates the risks but identifies and rates the borrower’s creditworthiness despite technical bottlenecks like lack of documentation and income proof.”
Milind Gowardhan, President at KHFL adds, “Pune is a key town filled with aspiration and entrepreneurial citizens that would benefit from our offerings. We are confident in offering solutions customised to the needs of the citizens and help them achieve their long cherished dream of owning a home in an uncompromising and customer friendly way.”
In the recently announced Union Budget 2016, an additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh is proposed. Besides, the Budget has also proposed exemptions on housing loan interest to the first time homebuyers. Besides the Government is playing a dedicated role in boosting the demand for affordable housing, thereby setting stage for greater participation for new housing finance companies.