Shubham Housing Finance

Founded in 2010

Initial investment in 2010

Board member: Sandeep Farias

'Shubham provides new home loans and home improvement loans to low income individuals and families in urban and semi-urban India'

Company overview

Shubham provides home loans (and home improvement loans) to lower income individuals and families in urban and semi-urban India. Distinct among the few housing finance companies serving lower income groups, Shubham is one of the first to focus its operations on financing homes within existing communities of borrowers (who largely work in India’s informal sector), as against financing builder projects that are primarily located in the outskirts of cities predicated on relocation. Shubham has created a system of surrogates for the credit appraisal process to assess risk and repayment capacity properly, using new tools to determine household wealth and expenses. The company currently operates in multiple states in India.

Community served

Shubham focuses on customers who face challenges accessing finance from mainstream lenders due to the informal nature of their income. Shubham’s clients include small business owners, self-employed entrepreneurs, and salaried workers for government jobs or lower-paid company positions. Shubham has focused on opening branches in urban and peri-urban low income communities with high stability and high degrees of entrepreneurialism, being fully cognizant of the positive effects of an improved home on families and communities. A majority of Shubham’s customers have never accessed a formal loan.

The low income housing market in India is worth over $160 bn.


Sanjay Chaturvedi, Founder and CEO, has over two decades of expertise in general management, banking and backend operations including collections across large, blue chip financial services organizations. He has successfully launched and led new business lines for the consumer businesses of Citibank, HSBC, GE Consumer Finance in India and First Gulf Bank (FGB) in the UAE. He has also set up and managed the Lending and Payments division for Reliance Retail.

Ajay Oak, Founder and COO, has over 14 years of corporate experience prior to founding Shubham, with expertise in consumer lending, general management, sales and distribution, marketing, strategy and business development. Prior to founding Shubham, Ajay was strategy head as well as consumer lending head at Reliance Retail. Prior to this, Ajay worked for Citibank Global Consumer Group in India as Business Head. During his tenure with Citibank, his experience ranged across verticals like personal loans, mortgages and business lending.