Star Housing Finance Limited ( Star HFL) formerly know as Akmestar Housing Finance Limited is a NHB registered housing finance company incorporated in 2005 (Registered under section 29A of the National Housing Bank Act, 1987 as a Housing Finance Company vide Certificate of Registration No. 12.0080.09 dated Dec 24, 2009) with an intent to be an enabler to fulfil the home owning needs of the target EWS (Economically Weaker Section)/LIG (Low Income Group)/MIG (Middle Income Group) households by providing them long term housing finance towards the purchase of their home.
Star Housing Finance Limited is founded and promoted by Late Dr. Shri. Mohan Lal Nagda, Mr. Nirmal Jain and Mr. Kalu Lal Jain and is currently managed by a group of housing finance professionals. These professionals bring in rich experience across the domains and continue to leverage their expertise in HFL business to help build a strong franchise build on the values of Truth, Transparency, and Sincerity.
Indian housing finance industry continues to exhibit strong tailwind backed by urbanization and nuclearization of Indian families that has resulted in an increase in demand for housing units. The total housing credit / GDP ratio still remains relatively lower at 9.7% when compared with developing and developed economies which reflects a huge potential for growth. With projected housing shortage of more than 110 million units by 2024-25, the sector is set to grow 20% annually over the next five years. Government of India also has taken requisite steps to address to the housing shortage in the country and beginnings have been made at the central and state level to address home ownership problem.
More than 95% of the total housing demand emanates from EWS/LIG/MIG households who yearn to be a potential first-time home owner but are unable to fulfil their dreams of home purchase due to lack of financing options available on fair terms. Star Housing Finance Limited aims to address to the housing needs of this segment through demand side intervention by enabling credit access to these first-time home buyers and would attempt to contribute meaningfully towards Government of India’s mission “Housing for All”.
Star Housing Finance Limited has been registered as a Primary Lending Institution (PLI) under the Pradhan Mantri Awas Yojana (PMAY).
A brief overview of loan process at Star Housing Finance Limited covering application to disbursement. You can get a detailed overview by visiting any of our branches.
You may apply for a home loan by walking in to any of Star Housing Finance Limited branches. You need to:
- Completely fill up the application form as per the given instructions
- Submit the necessary documents (Income and KYC documents) to initiate the processing of the application
- Submit the initial processing fees for processing the application
Our Business Development Officers would assist you in case you have any queries during this process. Once submitted, the application goes through appraisal process
At this stage, our appraisal officer will interact with you and with the help of submitted documents & one-on-one discussion; He / She will calculate loan eligibility. Post found eligible, you will be handed over the sanction letter which will contain the information on sanctioned loan amount, processing fees, loan tenure and rate of interest. You need to read this sanction letter carefully and sign it which indicates that you accept the terms and conditions mentioned in this letter.
Post acceptance, you need to submit:
- Balance processing fees
- Property related documents for legal and technical appraisal
Legal check on property documents is conducted which validate their authenticity. You need to submit all property related documents as required to avoid delay in processing. These papers are evaluated by empanelled lawyers who verify if the borrower is the absolute owner of the property that needs to be financed. Subsequently, validation of succession of title from earlier owners to the present one is done.
In technical appraisal, the validity for approvals for construction from local government bodies is verified. Compliance with building laws, like restrictions on the number of floors or height of the building, is also verified and the property to be financed is valuated and its condition is checked. Technical appraisal judges if the property to be financed is viable at all.
Post credit, legal and technical appraisal, the documents are scrutinized one final time by the operations team. Once this is done, you formally request for disbursement and enter into a loan agreement with Star Housing Finance Limited post which the amount will be disbursed
Mr. Ashish Jain is the Managing Director of Star Housing Finance Limited. Mr. Ashish Jain is the second generation of promoters. He is an Engineer by qualification and is a post graduate from the University of Nottingham, the UK. Mr Ashish Jain has been involved in the general management of the Group in different capacities and has been actively involved in housing finance business since 2015. He leads the overall operations of the Company including business, finance, accounts and operations. He has been appointed as Managing Director of the Company in May 2018
Mr. Nirmal Kumar Jain is the founder promoter of the Akme Group, including Star Housing Finance Limited and is the executive director of the Company. A Chartered Accountant and A Cost Accountant by qualification, Mr. Nirmal Jain is a first-generation entrepreneur and has played a key role in incorporation, operationalization and scale up of Akme Group for two decades. He has been awarded as “Business Leader Corporate”, 2nd rank by Institute of Chartered Accountants of India. Mr. Nirmal Jain has also been active in social and religious activities. Mahaveer Yuva Sansthan, Udaipur has given him the honor of “Yuva Gaurav”.
Mr. Kavish Jain, an MBA and a law graduate heads the business operations at Star Housing Finance Limited. Mr. Kavish Jain leverages his in-depth expertise and knowledge to streamline retail asset operations from lead generation to loan management. Mr. Kavish Jain also spearheads technology initiatives at Star Housing Finance Limited and is entrusted with the responsibility of digitization of business processes of the Company.
Mr. Amrit Singh Rajpurohit, is the Non- executive and Independent Director of the Company. He has a vast experience in mineral industries and development of land. He is an active social worker and is associated with various NGOs.
Miss Dr. Rekha Jain is a social activist with more than 15 years of experience. She is the non-executive and Independent director of the Company.
Mr. A. P. Saxena retired as General Manager from National Housing Bank (NHB) after completing 29 years of service with NHB. He has been actively engaged in the areas of Regulation and supervision of Housing Finance Companies, besides Refinance, Risk Management, Policy Formulations in the field of Housing Finance. As part of NHB, he had numerous exposure on International training /seminar viz., International Housing Finance at Wharton University, World Urban Forum IV at Nanjing (China), kfw Germany. He was on the Board of CERSAI as a Nominee Director of NHB. Mr. A. P. Saxena has been associated with Inter Regulatory Meetings with RBI, SEBI, IRDAI on various regulatory and compliance issues of group NBFCs/HFCs. He has in-depth knowledge on issues relating to KYC/AML, Fair Practice Codes, Corporate Governance, Grievance Redressal System (GRIDS) etc. Mr. A. P. Saxena is having post graduate qualification in Statistics and MBA from Faculty of Management Studies (FMS), University of Delhi. He has also worked with the Central Govt., as an officer of Indian Statistical Service, in the beginning of his career.
Head - Risk
Mr. B. S. Kachhawaha has more than three decades of experience in the financial services industry. Mr. B. S. Kachhawaha has been a career banker brings on board a strong domain across areas of business operations including retail banking, credit, collection and branch operations with a strong focus on risk and compliance. Mr. B. S. Kachhawaha heads the risk and compliance vertical of Star Housing Finance Limited with mandate to strengthen the systems and procedures at micro and macro level of HFC operations. He is a commerce graduate from Rajasthan University.
Mr. Natesh Narayanan has been on fund raising side since more than one and a half decade. A known and respected professional in the liability side of the business, Mr. Natesh Narayanan brings in his rich experience and relationships with various financial institutions to ensure strong liability management program at Star Housing Finance Limited. As head of fund raising, Mr. Natesh Narayanan is also responsible for maintaining relationship with investors and creditors.
Mr. Paritosh Kothari has been associated with Akme Group since 2014. Mr. Paritosh Kothari is a qualified Company Secretary and is a commerce as well as law graduate from Udaipur university. Mr. Paritosh Kothari’s role as Company Secretary and Compliance Officer is to ensure compliance to regulatory requirements. He also acts as an advisor to the Board of Directors and Senior Management on good governance practices and the compliance of regulations and guidelines under applicable statutes.
Head Corporate Planning & Strategy
Mr. Kalpesh Dave has more than a decade of experience in housing finance sector. His expertise includes competitive environment scanning, setting and scaling up of business processes, setting up of branch infrastructure, developing practical and result oriented strategies for implementation on ground. He has strong domain of business intelligence and reporting. His role requires him to coordinate closely with internal and external stakeholders across Star Housing Finance Limited.