ALTUM CREDO HOME FINANCE PRIVATE LIMITED

In their own words

The Need for Low-Income Housing and Housing Finance Rapid urbanization and the lack of planned affordable housing in India have led to a shortage of 10–12 million urban homes and 26–37 million urban households residing in informal housing, often in poor living conditions. The bulk of these households are low-income - Economically Weaker Section (EWS) households, with annual incomes below ₹3 lakhs ($4,600), and Low-Income Group (LIG) households with annual incomes of ₹3 lakhs to ₹6 lakhs ($4,600–$9,200). The government recognizes the need for new low-income housing and has set up the Pradhan Mantri Awas Yojana (PMAY), a scheme that aims to facilitate the provision of 20 million houses in urban India with financial assistance from the central government. While a section of low-income households (e.g., the lower end of EWS) cannot afford to buy a privately constructed home or improve their homes without significant help from the government, a large number of the upper end of EWS and LIG households can afford a home/home improvement without subsidies or with small subsidies (as provided by PMAY). However, most of these households need a housing loan to do so. The Growth of Affordable Housing Finance The bulk of low-income households work in the informal sector and do not possess reliable documentation of income. These households therefore cannot obtain housing loans from banks and traditional housing finance companies, which focus on middle- and high-income formal sector customers and provide loans on the basis of reliable income documentation. Altum Credo caters to home finance needs of the LIG and EWS customer segments which has limited access to long term finance and aims to provide best in class personalized service at affordable cost with key thrust on ‘Convenience, Relevance and Simplicity”.

Written by the company on its public Startup India profile. Not verified by us.