Housing being one of the essential needs of mankind, the demand for shelter grows in line with the increase in population and the standard of living.
Every one dreams of owning a home.
House is one of the best investments people make with their hard earned money during their lifetime. The housing finance institutions fulfill the dreams of people, aspiring to own their first home and contribute to the growth of the housing sector. Growing Indian economy, rising income, urbanizing population, government tax incentives, over the years, has led to a vibrant housing finance market. Most of the housing finance Institutions today cater to the needs of upper middle and high income customers belonging to the formal segment. Availability of IT returns, salary certificates and income proofs have made the credit assessment to this segment relatively easy. This over the years has led to a situation of finance and housing stock being made available mainly to the formal and high income segment while the housing demand remains with the informal, low income and middle income segments. Thus, the aspirational first home till date remains a dream for most of the Indians from lower / middle income backgrounds. Lack of finance availability has prevented the fulfillment of their dreams for long.
This segment of self employed, Low, middle income customers belong and perform different nature of work. The financial strength and income generation capability of each customer is different. It would be difficult to club these customers, who are prone to the vagaries of the economy, under any homogenous group. Understanding their financial needs call for a high level of empathy and awareness of the impact of the economic vicissitudes in their lifestyle.
Common financing norms may not be suitable for this segment of customers. While their housing finance needs may be common in a broad sense, these customers, carry on varied businesses ranging from provision store to bakery, from tailoring to transportation, from running a two wheeler service center to managing a pharmacy, they perform different business. In the lack of adequate documents, assessing their income could be a challenging task and calls for an individualistic approach. The credit assessment needs to be unique and appropriate and suitable to each of these businesses. This is a concept we at APTUS embrace in the way we try to understand and assess the customers, in the company. Aptus in Latin means ‘appropriate’, suitable’. We make an effort to understand the fact that every customer is unique and so is his work environment. We feel it is absolutely necessary not to treat them a homogenous group of borrowers but appreciate the individual customers and offer housing finance solutions that are appropriate and suitable in scale and ambition to them.
Aptus extends this beyond credit assessment. We keep this as a driving philosophy in every facet of the organization; be it designing our policies for lending, collection or developing systems, or recruiting employees. We strive to understand and treat each stakeholder in a suitable manner, while creating a work environment conducive to finding the most effective, innovative and suitable solutions for every challenge.