Q] What was the thought process behind the #BharoseKiKeemat campaign?
IIFL Home Finance has consistently focused on understanding its audience through surveys and interactions, particularly in Tier 2 and Tier 3 markets. The insights reveal a trust gap for private sector lending institutions like IIFL compared to established public banks and giants like HDFC. Customers often question the credibility of smaller players and seek assurance, especially for schemes like the Pradhan Mantri Awas Yojana, which raised doubts about government subsidies.
Last year’s ‘Bharosa Bhau’ campaign aimed to build trust by positioning IIFL as a reliable and approachable ally through a protagonist like Pawan Malhotra, embodying a brotherly persona. This year, the campaign has evolved, with Abhishek Banerjee representing the voice of the customer, emphasising the importance of trust in financial and personal decisions. The communication has shifted from speaking to the audience to reflecting their perspective, strengthening the brand’s positioning as trustworthy and customer-focused. Two campaign films, one already released and another due before the New Year, centre on this theme.
Q] Finance, often seen as a mundane sector, traditionally involves straightforward communication about benefits. How do you keep your campaigns fun?
This campaign breaks away from typical BFSI ads by focusing on fun, relatable scenarios. Instead, it features relatable scenarios, like someone at a Diwali fair interacting with characters like a ‘chugli chachi’ or ‘Jeeja number one,’ making the communication but engaging and fun. IIFL Home Finance moves beyond traditional TV ads, leveraging new-age media to reach a wider audience at lower costs. Social media integration fosters interaction, complemented by contests, freebies, and a customer gratification program offering rewards like cars, bikes, and solar panels. This multi-faceted approach ensures home loans and property loans are exciting and relevant for the audience.
Q] What is IIFL’s unique selling proposition that differentiates it from its competitors in the Indian market?
IIFL Home Finance Limited is India’s leading affordable housing finance company, specialising in loans under `20 lakhs—a segment where we are the number one player. Our advanced technology differentiates us by enabling loan sanctioning in under 30 minutes, even for complex mortgage loans, with disbursements completed within a day—significantly faster than the industry standard of 7-8 days. With over 380 branches across 17 states, we combine extensive physical reach with robust digital capabilities, ensuring seamless service for our customers. This unique blend of efficiency, expertise, and accessibility defines our leadership in the affordable housing sector.
Q] Who is your target audience in India?
At IIFL Home Finance Limited, we focus exclusively on the economically weaker sections (EWS) and lower-income groups, with a special emphasis on first-time homebuyers. Our target audience includes individuals in Tier 2 and Tier 3 markets or suburban areas of Tier 1 metros, such as office staff with modest incomes. We are committed to empowering these segments, with a particular focus on women and making homeownership accessible to those who need it most.
Q] Reports suggest that many urban residents in Tier 2 and Tier 3 cities are aspiring to buy their own homes. As you focus on economically weaker sections, do you see a similar trend in rural areas? Are you planning to target the rural market in the future?
Our branch network in rural areas is currently limited, as the appraisal system varies significantly due to the unique nature of rural occupations. However, we’ve partnered with larger industry bodies, such as ITC, which engages directly with farmers through rural chapas. These collaborations allow us to offer tailored products with customised appraisal methodologies. While we see the trend of a migrating urban population reflected in our business mix, our primary focus remains on expanding within Tier 2 and Tier 3 markets across India.
Q] If we see from a geographical point of view, which are the key growth markets for your company in India?
We focus on five key markets—Andhra Pradesh, Telangana, Delhi NCR, Gujarat, and Maharashtra—where we see the highest business and penetration. However, we remain aligned with the Prime Minister’s ‘Housing for All’ vision and strive to ensure equal efforts across all 17 states, regardless of where the business comes from.
Q] With an increasing number of Gen Zs becoming first-time homeowners, do you think the home finance sector in India will experience significant growth in the coming years?
The union budget highlights affordable housing, with the revival of Pradhan Mantri Awas Yojana and the launch of 3 crore houses, signalling a housing boom. We’re optimistic about the future, focusing on EWS and LIG segments, particularly first-time homebuyers. Our product promotes inclusivity by ensuring mandatory women ownership or co-ownership for loans, requiring a mother or wife to be a co-owner of the property. This reflects our commitment to both business and social impact.
Q] There’s a growing debate around the idea that buying vs renting a home and the upside to investing in other asset classes. What’s your perspective on this?
This is more of a metro-centric discussion. In Tier 3 markets, where people aspire to own even a small 300-square-foot home with a ticket size of `7-9 lakh, it’s not about profit or loss—it’s a matter of pride. For them, owning a house is a symbol of success, and not owning one feels like a failure. This mindset is different from what we see in metro cities.
Q] What is the future focus of the company?
We are highly profitable and have the fastest-growing AUM in the country, not just within the sub `20 lakh segment but across all Housing Finance Companies. Our branch count is set to exceed 400 by the next financial year. While I can’t comment on specific figures, our recent financial results show strong growth, with a PAT of over `1,000 crores. In August 2022, we received an investment from ADIA, the largest private sector banking investment in India’s history. We expect positive developments by the end of next year, and the future looks very promising.
PROFILE
Madhvi Gupta is a dynamic professional with over 17 years of experience in Branding, Marketing, CSR and ESG within the BFSI space. Heading Marketing, Digital Marketing and Communications, and Social Impact at IIFL Home Finance Limited, she has contributed to increased penetration in new and rural markets and impacted sustainable finance and climate action.
ABOUT THE BRAND
IIFL Home Finance, a subsidiary of IIFL Finance, is a leading player in India’s affordable housing finance sector. Established with a mission to make home ownership a reality for low and middle-income families, IIFL Home Finance focuses on providing accessible and tailored loan solutions to first-time homebuyers. The company has established itself as a trusted name in the industry, driven by its customer-centric approach and innovative solutions.
FACTS
Creative Agency: Schbang
Media Agency: In House
Digital Agency: LS Digital
PR Agency: Concept PR
BTL/ Activation: In House
