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The company was incorporated under the name “Satyaprakash Housing Finance India Limited” on October 26, 1998, as a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated October 26, 1998, issued by the Registrar of Companies, Madhya Pradesh at Gwalior. A certificate for commencement of business dated November 18, 1998, was granted to “Satyaprakash Housing Finance India Limited” by the Registrar of Companies, Madhya Pradesh at Gwalior. Further, a certificate of registration dated December 31, 2002, was granted to “Satyaprakash Housing Finance India Limited” by the National Housing Bank (“NHB”) to carry on the business of a housing finance institution without accepting public deposits. Pursuant to the change of the name of the Company from “Satyaprakash Housing Finance India Limited” to “India Shelter Finance Corporation Limited”, as approved by Shareholders pursuant to a special resolution dated May 13, 2010, the Company was issued a fresh certificate of incorporation dated July 8, 2010, by the Registrar of Companies, Madhya Pradesh and Chhattisgarh at Gwalior. A certificate of registration dated September 14, 2010 was granted to the Company by the NHB to carry on the business of a housing finance institution without accepting public deposits.
The company is a retail focused affordable housing finance company with an extensive distribution network comprising 203 branches as of September 30, 2023 and a scalable technology infrastructure across its business operations and throughout the loan life cycle. Its target segment is the self-employed customer with a focus on first time home loan takers in the low and middle income group in Tier II and Tier III cities in India, and affordable housing loans, i.e., loans with ticket size lower than Rs 2.5 million as per the criteria set out in the Refinance Scheme under Affordable Housing Fund for the Financial Year 2021-22 issued by the National Housing Bank, read with the Master Directions - Reserve Bank of India (Priority Sector Lending - Targets and Classification) Directions, 2020. This helps in generating relatively high yields on advances. The company has an extensive and well-established network of 203 branches spread across 15 states with a significant presence in the states of Rajasthan, Maharashtra, Madhya Pradesh, Karnataka and Gujarat wherein its branch vintage is five year and above, as of September 30, 2023.
The company leverage technology and analytics across its operations and throughout the customer life cycle. This includes onboarding, underwriting, asset quality monitoring, collections and customer services. It has implemented a paperless approach to customer acquisition and onboarding, with tailored mobile solutions that cater to different stages of the lending process. Its iSales application integrates, streamlines and optimizes its customer acquisition process whereas its IndiaShelter iCredit application facilitates underwriting. Through its integrated approach combining digital solutions with personal interaction, overall sales and productivity is enhanced while maintaining customer relationships. To ensure customer satisfaction, it has introduced IndiaShelter iServe application, its dedicated customer service solution designed to promptly address concerns and queries from its existing customers online. The company has an integrated customer relationship management and loan management system set up on a cloud-based platform.
Business area of the company
The company is engaged in the business of housing finance. The company provides loans for house construction, extension, renovation, and purchase of new homes or plots. The company also offers loans against property (LAP).
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