Star Housing Finance Limited (Star HFL), a low-cost housing finance company has entered into a strategic co-lending agreement to provide housing loans to EWS (Economically Weaker Section) / LIG (Low Income Group) customers with a Mumbai based NBFC - Singularity Creditworld on Bharat Housing Network Platform. The partnership aims at synergizing capabilities to provide an efficient and seamless experience to retail home loan customers, especially from the priority segment. The move is a part of the overall transformation journey where Star HFL shall be utilizing the capacity created through geographical expansion now having a network of 7 branches and 15 digital Points of Presence across Maharashtra, Madhya Pradesh, Gujarat, Rajasthan and Tamil Nadu.
The co-lending model provides ease of loan sanctions at borrower's convenience through Bharat Housing Network platform, which covers end-to-end loan processing cycle with minimal manual intervention, from on-boarding of customers to loan disbursement and monitoring.
Mr. Ashish Jain, Managing Director of Star HFL opined that "We are pleased to partner with Singularity Creditworld. This is in line with Star HFL's strategy of expanding its retail franchise through a mix of organic and partnership-led origination model."
Mr. Prem Shankar, Director of Singularity Creditworld said "We are happy to partner with an institution like Star HFL to provide easier access to credit to customers from the priority sector. We believe that revival is possible only by making credit available to this vital contributor of the Indian economy."
Shares of Star Housing Finance Ltd was last trading in BSE at Rs. 101.50 as compared to the previous close of Rs. 102.00. The total number of shares traded during the day was 36113 in over 65 trades.
The stock hit an intraday high of Rs. 103.00 and intraday low of 98.00. The net turnover during the day was Rs. 3678292.00.