Star Housing Finance enters Co-lending agreement with Bharat Housing Network platform; stock zooms ~5%

14 Mar 2022 , 10:13 AM

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 has 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 borrowers’ convenience through the Bharat Housing Network platform, which covers an 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 Credit world. This is in line with Star HFL’s strategy of expanding its retail franchise through a mix of organic and partnership-led origination model.”

Star Housing was trading at Rs106.30, up by 4.73% against its previous closing price of Rs101.50. It touched the intraday high and low of Rs106.30 and Rs103 respectively.