In India, the idea of owning a home has always carried meaning beyond financial security. It is tied to permanence, dignity, family progress and social mobility. For millions of households across metropolitan centres, Tier I, Tier II and Tier III cities, and semi-urban, peri-urban and rural markets, the first owned home remains one of life’s most important milestones. Yet, for many of these customers, especially those outside conventional salaried income structures, access to formal housing finance has historically remained difficult. Truhome Finance Limited has built its business around this gap.
To start with, founded in 2010, Truhome Finance is a retail-focused affordable housing finance company offering a comprehensive suite of secured lending products. Registered with the National Housing Bank as a non-deposit-taking housing finance company, the company has steadily expanded its reach across India, with a focus on accessible housing finance for underserved and emerging customer segments. Over 15 years, it has grown from an early-stage housing finance platform into a scaled affordable housing finance company with Rs22,634 crore in assets under management as of FY26.
“Our journey reflects a larger India story, right from the formalisation of credit, the rise of self-employed income segments, housing demand beyond the largest cities, and the gradual deepening of financial access in markets where aspiration is high but traditional underwriting models often fall short,” says Ravi Subramaniam, MD & CEO of Truhome.
Truhome’s scale-up did not happen in a single leap. It was built through milestone after milestone. The company was incorporated in 2010. In 2012, it received early equity support from Shriram City Union Finance Limited (SCUF) and Valiant. By 2015, it had crossed its first major scale milestone of Rs1,000 crore AUM. The next phase brought faster expansion. In 2021, the company received a Rs500 crore capital infusion from SCUF. AUM crossed Rs5,000 crore in 2022, doubled to Rs10,000 crore by 2023 and moved past Rs15,000 crore in 2024.
Inflection point
A defining institutional milestone came in 2024, when Warburg Pincus acquired Shriram Housing Finance Limited and infused Rs1,200 crore of growth capital. The deal, described as one of Warburg’s largest investments in India, lifted the company’s net worth above R3,300 crore almost overnight. In 2025, the company was rebranded as Truhome Finance, initiated its technology transformation programme, crossed Rs20,000 crore AUM and received a further Rs417 crore capital infusion from Mango Crest Investment Ltd, an affiliate of Warburg Pincus LLC. By March 2026, the company had crossed Rs22,000 crore AUM, completing one year of its rebranded identity with a materially larger platform.
Since FY26, this accelerated growth has become the backbone of the business. The numbers capture the breadth of that transition. In FY26, Truhome reported Rs22,634 crore AUM, up from Rs17,764 crore in FY25, representing 27.4 per cent year-on-year growth. Total revenue rose 30.3 per cent to Rs2,483 crore, while profit after tax increased 71.4 per cent to Rs491 crore. Net worth strengthened to Rs4,368 crore, up 27 per cent year on year. Total disbursements stood at Rs8,995 crore. The company had served 3,65,703 customers till date, operated through 224 branches across 19 states and Union Territories, and employed 5,119 personnel.
Customer mix is central to the Truhome story. The company is not merely expanding a loan book; it is building an operating model for borrower segments that require deeper local understanding, granular credit assessment and a more relationship-led approach. Self-employed borrowers often do not fit neatly into conventional income documentation formats. Their incomes may be seasonal, cash-linked, business-linked or semi-formal.
“The company’s credit assessment framework includes bureau checks, field investigation and contact-point verification, personal discussions by credit managers, legal evaluation and title search, technical property evaluation and fraud prevention checks. For self-employed customers, income assessment is supported by granular field verification and detailed business appraisal. The company also uses portfolio monitoring parameters such as repayment behaviour, bounce trends, cure patterns, bureau scores, industry risk, occupation vintage and customer segmentation,” adds Subramaniam.
Customer base
Truhome’s growth has come with a defined market focus. Its average ticket size stood at Rs2.18 million as of 31 March 2026, placing it firmly in the affordable and mid-market housing finance segment. The company’s customer base is meaningfully tilted towards self-employed and non-salaried borrowers. Around 77 per cent of customers are self-employed or non-salaried, while 72 per cent are from economically weaker section, low-income group and middle-income group categories. A little more than 70 per cent of ticket sizes are below Rs25 lakh. In FY26, 45 per cent of retail loans were up to Rs15 lakh, 25 per cent were in the Rs15-25 lakh range, 14 per cent were in the Rs25-35 lakh range, 10 per cent were in the Rs35-50 lakh range and 6 per cent were between R50 lakh and R1 crore.
Truhome’s product suite is built not around loan categories, but around real life
This is particularly important because Truhome’s expansion is geographically broad but operationally local. As of March 2026, the company operated 224 branches, including 31 in Tier I, 71 in Tier II and 122 in Tier III markets. Its distribution spans metropolitan, Tier I, Tier II and Tier III cities, with a focus on semi-urban and peri-urban markets. The regional retail AUM mix was balanced across the South at 35 per cent, the West at 32 per cent and the North at 32 per cent, with the East contributing one per cent. Its key markets include Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Kerala, Gujarat, Maharashtra, Delhi, Rajasthan, Punjab, Haryana, Madhya Pradesh, Uttar Pradesh and Uttarakhand.
The company has also been identified by CRISIL as the third-largest affordable housing finance company in India among its identified peer set and the fastest-growing affordable housing finance company in the country within that peer set. The significance of this lies not only in the scale but also in the type of scale being built: a housing finance platform rooted in the expansion of formal credit across markets where customers may be economically active but underrepresented in mainstream lending.
Truhome’s product suite is built not around loan categories, but around real life. For families stepping into homeownership for the first time, upgrading, constructing or refinancing, Truhome’s home loans cover the full spectrum. Whether salaried or self-employed, buying a new property or a resale home, customers can borrow from R3 lakh to R10 crore, with tenures ranging from 12 to 300 months and interest rates starting at 9.5 per cent, subject to customer profile and risk assessment.
For those who have built equity and need it to work harder, Truhome’s loan against property turns existing assets into new possibilities for personal or business needs. Loan amounts range from Rs3 lakh to Rs10 crore, with tenures from 12 to 180 months and interest rates starting at 11.5 per cent.
For the entrepreneur eyeing commercial space, the family ready to build on their plot, or the borrower seeking better terms, Truhome offers commercial property loans, top-ups, balance transfers and plot-plus-construction finance.
While distribution and product breadth have supported growth, Truhome’s recent scale-up has also been accompanied by greater emphasis on operating discipline. In FY26, the company’s cost-to-income ratio improved to 48.0 per cent from 53.4 per cent in FY25. Return on assets improved to 3.2 per cent from 2.4 per cent, while return on equity rose to 12.6 per cent from 10.7 per cent. Yield on assets increased to 16.2 per cent from 15.7 per cent, and net interest margin improved to 9.0 per cent from 7.9 per cent.
Asset quality remained stable during the year. Gross Stage 3 assets stood at 1.45 per cent, while Net Stage 3 assets improved to 0.97 per cent from 1.03 per cent in FY25. These indicators matter because affordable housing finance companies must balance growth with prudent risk selection, especially when serving customer categories that require deeper underwriting. Truhome’s stated approach combines risk management, portfolio analytics, monitoring frameworks and governance.
At Truhome, collections begin long before a payment is missed. A relationship-led, lifecycle-driven model means borrowers are engaged early, with awareness, reminders and proactive outreach before a due date passes. If a payment slips, structured intervention kicks in at every stage, from 0-60-day early overdues to hard-bucket recoveries, guided by behavioural insights and risk segmentation.
Digital tools for borrower communication, behavioural insights, risk segmentation and collections tracking keep every touchpoint sharp and every signal visible. The result? Ninety-nine per cent of the portfolio is under NACH registration, delivering repayment visibility and collection efficiency that speak for themselves.
TruConnect as the digital backbone
Truhome did not just upgrade its technology; it reimagined how the business runs. FY2025-26 saw the full rollout of TruConnect, an enterprise-wide transformation covering the entire lending lifecycle. The result is a cloud-ready, scalable architecture with real-time visibility, faster turnaround times and smarter credit assessments powered by digital underwriting models.
With Rs100 crore committed over 3 years, Truhome is building the backbone of a faster, sharper and more resilient lending business. The funding base has also evolved. Truhome’s funding remains diversified across National Housing Bank refinance, securitisation, external commercial borrowings, non-convertible debentures and bank borrowings. During the year, the Rs417 crore infusion from Mango Crest Investment Ltd was aimed at strengthening the capital base, supporting capital adequacy, expanding distribution, sustaining portfolio growth and deepening penetration in semi-urban and rural India.
The company filed its DRHP for a Rs3,000 crore IPO and has received SEBI approval. The proposed proceeds are expected to support debt repayment, strengthen visibility and provide financial flexibility for expansion. For Truhome, the proposed transition to the public markets represents the next phase of institutional evolution, with governance, stakeholder confidence and responsible growth becoming even more central to its operating narrative.
The broader opportunity is clear, as India’s housing finance sector continues to benefit from urbanisation, rising aspirations, policy support and structural demand for affordable housing. The challenge is equally clear. Growth must be balanced against interest rate movements, inflationary pressures, global uncertainty and the need for disciplined underwriting.
At its core, Truhome’s profile is not only a balance-sheet growth story. It is a story of how a housing finance company has tried to convert aspiration into access, especially for customers who may have the will, income and need to own a home, but require a lender capable of understanding their circumstances. That operating philosophy has shaped its scale so far. It will likely define the next chapter as well.