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HomeFirst organises vaccination drive for employees and their dependents

HomeFirst Deepak Satwalker (Ex-MD and CEO, HDFC Life) and Sakti Prasad Ghosh, Ex-ED, NHB.

HomeFirst Finance Company (HFFC) a technology driven affordable housing finance company recently organised a 7 days’ vaccination drive for their employees, family, friends, and business partners. HomeFirst vaccinated around 2,000 people in 7 days at their Mumbai headquarter.

HomeFirst: In collaboration with Project Seva (Synergising efforts to vaccinate all) all the companies in the True North family, along with Apollo Hospitals and Cloudnine; HomeFirst organised this drive together. The objective behind this was to provide free vaccination for all the employees and their dependents including maids, drivers, cooks, and even the lift men and security guards. Everyone was welcome to get (a) shot!

Everyone was assigned a time slot over call / message which resulted in smooth operations. HomeFirst managed to vaccinate around 2,000 people in 7 days.

HomeFirst – We’ll take you home

Founded in 2010, HomeFirst Finance Company (HFFC) is a technology driven, affordable housing finance company targeting first time home buyers in low and middle-income groups, primarily offering customers housing loans for purchase or construction of homes.

It serves over 30,000 customers with loans having an average ticket size of 10.4 lakh which gets sanctioned in less than 48 hrs in comparison to the industry standard of 8-10 days. Salaried customers account for 72.6 per cent of the company’s Gross Loan Assets, while self-employed customers accounted for 24.6 per cent.

The organization has a deep penetration across the affordable housing finance market with a deep penetration across the affordable housing finance market with a network of 70 branches covering over 60 districts in 11 states and a union territory in India, with a significant presence in urbanized regions in the states of Gujarat, Maharashtra, Karnataka and Tamil Nadu.

The scale of its operations and branch expansion has adopted a strategy of contagious expansion, focusing on geographies and regions where there is substantial demand i.e Gujarat, Maharashtra, Karnataka and Tamil Nadu which accounts for 79% of the affordable housing market.

Its journey since inception to becoming profitable in 2014 has seen a movement from proof of concept to now a tech led operating model that has been built to scale. It had a credit rating of ICRA BBB- in 2013 it currently stands at A+ as on date and in less than 5 years it has had an AUM exposure of 3000 + crs.

Despite several macro-economic factors such as demonetization, GST introduction, RERA implementation, Defaults by Peers; HomeFirst has been an outlier with consistent performance and sustained asset quality, it’s today one of the fastest growing affordable HFCs with a 65% disbursement CAGR, with the GNPA averaging at 0.73% between H1FY17 and H1FY20. It utilizes a diverse range of lead sourcing channels such as connectors, architects, contractors, affordable housing developers, in addition to conducting loan camps, micro marketing activities, employee and customer referrals and branch walk-in customers.

Driven by its institutional ownership by True North Enterprise, Bessemer Ventures, Aether (Mauritius) Ltd (GIC affiliate) who own 44 %, 16%, 30% stake respectively, it was initially founded by Jairath Rao and P S Jayakumar. The board members of HomeFirst include well-known names such as Deepak Satwalker (Ex-MD and CEO, HDFC Life) and Sakti Prasad Ghosh, Ex-ED, NHB.

The Housing Finance market is growing at a CAGR @ 15% and affordable housing is fast growing and its steering the growth, contributing close to 46% which has been backed by various government initiatives like Subsidies, RERA, Tax exemption for builders, GST reduction to 1% from 5% on sale of affordable homes, additional deduction on interest paid on loans for house purchase upto 45L, etc.

This article is shared with Prittle Prattle News in the form of a Press Release.

By Reporter

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