The startup provides housing loans specifically designed for middle-class families in India, utilizing streamlined application processes and risk assessment algorithms to facilitate access to long-term financing. It addresses the financial exclusion faced by lower and middle-income households, enabling them to secure housing loans that traditional lenders often deny.
Funding
$26.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many lower and middle-income families in India struggle to access housing loans due to stringent requirements and complex processes at traditional lending institutions. This financial exclusion prevents them from achieving their dream of owning a home or improving their existing living conditions.
Solution
Centrum Housing Finance Limited (CHFL) provides accessible and tailored home loan products to middle-class families in India, with a focus on financial inclusion for underserved populations. CHFL streamlines the loan application process and employs a combination of traditional methods and technology for risk assessment, enabling faster approvals and customized solutions. The company offers a range of loan options, including new home purchase, home improvement and extension, home construction, and loans against property, catering to diverse customer needs. CHFL aims to empower customers by providing hassle-free, long-term housing finance, helping them acquire new houses or improve their existing ones.
Target Audience
The primary target audience includes middle-class families and lower to middle-income individuals in India who are seeking housing finance for new home purchases, home improvements, construction, or other property-related needs.
Features
- Home loans for purchase/resale of ready or under-construction residential properties
- Home improvement loans for internal and external repairs and structural improvements
- Home extension loans for adding rooms or enclosing balconies
- Home construction loans for building a new home on a purchased plot
- Loan against property (residential or commercial) for business expansion or personal needs
- Balance transfer and top-up options for existing home loans
- Customized products to suit individual customer needs
- Simplified documentation and doorstep service
- Customer mobile app for loan account information and services