Aadhar Housing Finance Pvt. Ltd. (A DHFL Group Company) Our Approach to Finance Home Loans to Low Income Segment
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1 Aadhar Housing Finance Pvt. Ltd. (A DHFL Group Company) Our Approach to Finance Home Loans to Low Income Segment Tokyo - Oct, 2012
2 About Us Aadhar is supported by DHFL, DHFL Vysya and International Finance Corporation (IFC) DHFL has 27 years of strong expertise in providing housing loans to low and middle income segments at fair terms. Aadhar is registered as a Housing Finance Company and Regulated by the National Housing Bank 2
3 DHFL Group DHFL is the third largest housing finance company, and second largest private sector in India with a loan book size of $3.62 bn. Network of more than 437 locations across India, almost 80% of the network is in Tier 2 and Tier 3 cities Price per Dwelling Est Market Unit size Between $ 5k -18k $ 200 bn Between $ 18k -54k $ bn Above $ 54k $ billion Above $ 54k $ 18k - 54k $ 5k 18k First Blue Home Finance Below $ 5k
4 Industry Estimated housing shortage of 24.7 million units in urban and rural India. Of the total shortage, 98% constitutes demand from lowincome households. Total housing loan market in India is estimated at $110 bn. Low Mortgage to GDP ratio for India provides huge opportunity for growth on sustainable basis for years to come Low-cost housing units of sq ft. priced between $3,000-6,000 would be affordable without subsidies to million Indian households. Those households already pay rents comparable to the mortgage EMIs they would pay. 4
5 Aadhar Overview & Geographical Presence 7 States 4 Regions 17 Branches 59 locations These 7 states as per Census 2011, account for 46% of the total Indian population. Increase in the per capita income of these states, did not witness any beneficial significance among the lower income strata. Access to organized credit is still a big challenge 5
6 Monthly Household Income Aadhar Focus Extend opportunities of Home Ownership to the underserved section of the Indian population Income Pyramid > $ % $ $2500 3% $750 - $1100 2% $500 - $750 4% $300 - $500 8% $135 - $300 29% $135 54% Source: NHB trends in Housing CRISIL Infra Report Monitors Research Aadhar s customers are individuals earning $ 90- $450 a month Customers are employed in salaried jobs, (Grade IV/III private sector and government), agriculture or are self-employed Customers include Shopkeepers (Mom and Pop, Garments, Cloth, Books & Stationery, and Electronics & Mobile) and Grain Traders Loan offering up to $ 22,000 but does not exceed 80% of the cost of property Aadhar actively funding projects for EWS/LIG that are being developed by Sate Housing Boards and Development Authorities. USD = $55
7 What did we do differently to reach lower-income customers? Sales Credit Collection and Operations Disbursement
8 Sales Overcoming challenges Challenges Under penetrated markets Attracting talent Distribution Limited supply of housing in this segment Overcoming Challenges Hub and Spoke model adopted for maximum reach Outsourced sales through a mix of variable and fixed payouts. Set up channels comprising sales agents Focused on resale transactions through brokers. About 50 % of business come from brokers.
9 Credit Overcoming challenges Challenges Insufficient KYC Informal Segment Cash flow assessment Poor financial awareness Overcoming Challenges Policy providing other options in accordance with regulators Credit policy and process tailor made for Informal Segment KYC / Loan availability awareness through events
10 Disbursement Overcoming challenges Challenges Legal - Chain documents insufficient / unavailable Property valuation actual and documented valuation Technical Subdivision of plots, Identification of property address Plot not demarcated with boundary wall Vertical deviations Overcoming Challenges Adapted region specific policy guidelines for legal and technical guidelines Market value funding
11 Collection & Operations Overcoming Challenges Challenges Banking / Repayment awareness Prompt collection Cost of collection Overcoming Challenges Welcome Kit issued to customers which is a handy information on their loan Reminders through SMS for EMI repayments Maximized collection through electronic modes ECS Local collections set up Facility for cash repayment at branches
12 Outcome Strong customer base of 2425 and growing. 79% of customers earn below $ 550/month 30% of customers are self-employed. 23% of loans are disbursed in rural areas. 40% of total customers pay through ECS 93% of customers are ECS enabled. Average ticket size of $ % of customers prefer self construction. 84% of customers prefer individual units as against flats. 12
13 achieved through. Operations in 7 states of India with 15 branches and servicing 45 locations. Managing healthy profile mix Salaried 69% Self employed 31% Through Product Mix Purchase of flat/dwelling unit 50% Self construction 30% Plot 3% Mortgage (Loan Against Property ) 13 % Home Extension/ Improvement 4 % Repayment of 1010 loans through Electronic Clearance. Balance all cases through Post Dated Cheques
14 Some of our customers BEFORE Sohan Pal Singh, employed at Ayurvedic College in Kasampur, Meerut. Income: Net salary of $190 AHFL disbursed loan of $3,739 Mr. Purushottam Chandrakar, runs fabrication workshop in Raipur with his brother Income: Joint income is net $500 AHFL disbursed of $ 21672
15 Challenges for Expansion Low developer/da/ activity impacts housing availability in many of the Tier 3, 4 markets. Availability of proper legal chain documents is a constant challenge, and technical deviations in the property is common in these locations, as the borrowers(purchasers) are unaware of the legal and technical norms. The field investigation, legal and technical evaluation charges are much higher in smaller locations as economies of scale are low and vendors are hard to find. High cost of borrowings further impacts the cost of operations. 15
16 16
17 Some typical units Setback area Single Unit Structure (Converted to Multi-unit) 17
18 Some of our Customers Customer- Applicant Mr. Sohan Pal Singh a Bareilly resident is employed as a Peon with Ayurvedic College in Kasampur, Meerut. Income : Net salary of $ 190. His elder brother is a General Physician & younger brother has a cable TV repair business. Current Property- The customer wanted to demolish his existing house & build a G+1 unit. Customer has maintains average balance in his savings account & also has timely salary credits. AHFL has disbursed a loan of $ 3739 to Mr. Sohan Pal Singh to reconstruct his dream home.
19 BEFORE AFTER
20 Some of our Customers Customer- Applicant - Mr.Purushottam Chandrakar along with his brother runs a fabrication workshop in Raipur for last 5 years Income - Joint income of applicant & his brother is net $ 500. Current Property- The customer resides in his two room parental house with his parents, brother, wife & two children. His dream is to continue staying in a joint family and have their own house where his children would grow up and have a bright future. They identified a property but had hesitation due to high interest rates in the market. When he got to know about the loan structure at Aadhar Housing Finance Limited he saw a ray of hope and felt Confident. Aadhar disbursed a loan of $ and he now sees his dream turning into reality.
21 BEFORE AFTER
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