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IIFL Home Finance offers Swaraj scheme for informal income segment

20190716

Agencies, New Delhi Home Finance, an affordable housing finance company, offers unique home loan -- ‘Swaraj’ -- to meet the needs of borrowers in the informal income segment. Home loans offered under Swaraj are between Rs 2 lakh and Rs 20 lakh. Swaraj Home Loan is a unique product available across India. It addresses home loan requirements of first time borrowers who may or may not be supported by formal income documentation, and hence cannot be provided a loan under regular underwriting norms, IIFL Home Finance CEO Monu Ratra said here. The scheme benefits semi-skilled workers like plumbers, electricians, carpenters, drivers, mechanics, technicians, salesman, peons, and security guards, who are either working as salaried employees in small organizations or working independently as self-employed. It can also be availed by shopkeepers, traders and contractors.

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