Digital transformation powers GIC Housing’s bold ascent towards top-ten ranking: Sachindra Salvi

India’s housing finance sector is changing fast with technology, competition, and evolving customer needs. GIC Housing Finance has emerged as a trusted, steadily growing institution, backed by major public-sector insurers, helping thousands of families own homes. In an Exclusive Interview Mr. Sachindra Salvi, Managing Director talks with FPJ’s Pooja Mehta about the company’s growth, digital transformation, building customer trust, fraud-prevention strategies, and his ambitious vision to position GIC Housing Finance among India’s top ten housing finance companies.

Q. Could you take us through the origins of GIC Housing Finance and some key milestones?

Mr. Sachindra Salvi: GIC Housing Finance started on 12 December 1989 as GIC Grih Vikas Limited. Four years later, in 1993, we became GIC Housing Finance Limited. The company was promoted by respected public-sector general insurers-GIC Re, New India Assurance, National Insurance, Oriental Insurance and United India Insurance-who together hold around 42 percent of our shares. The remaining 58 percent is with the public. This mix of institutional strength and public trust has shaped our identity.

Over the years, our AUM has crossed Rs 10,500 crore, and our branch network has grown steadily. In July 2025, we opened 12 branches on the same day-something we had never done before. Today, we operate 83 branches, five satellite offices and eight hubs. I still have about one and a half years before retirement, and I hope to take our branch count to 100-a symbolic 'century' for the company.

Q. How has the institution evolved digitally over the years?

Mr. Sachindra Salvi: Because of my IT background, digital growth has always been a priority for me. Earlier, housing finance depended heavily on physical paperwork. Now, we are shifting to a 'click-and-mortar” model where technology supports every stage-from applications to disbursements and collections. We are rebuilding our loan origination, loan management and collection systems. These upgraded platforms are API-driven and much faster.

Our loan turnaround time used to be over 30 days. With improvements, it is now down to 16 days. Once the new systems go live by January 2026, my goal is to reduce it to 6–7 days. Processes like salary checks and document verification will become fully automated, giving us faster decisions and better accuracy.

Q. How is AI being used in the organisation?

Mr. Sachindra Salvi: AI has become a basic need. It helps us detect fraud early, study customer behaviour and automate routine work. One thing I am proud of is that our young employees are leading this digital push. Instead of hiring costly consultants, we trained our own teams and gave them responsibility. Their output has been excellent.

We are moving towards WhatsApp-based EMI payments and soon customers will be able to apply for loans through WhatsApp itself. This will make the entire process quicker and more convenient.

Q. What challenges did you face while transforming digitally?

Mr. Sachindra Salvi: Technology is not the real challenge; people are. Changing mindsets is difficult. To handle this, we focused on training. Every week, employees attend a one-hour learning session on housing finance, customer service, communication, risk, fraud awareness and more. We also invite legal experts to teach them about property laws and fraud patterns. When employees understand the value of change, they accept it more easily.

Q. What are the common fraud risks, and how do you prevent them?

Mr. Sachindra Salvi: Fraud usually begins with fake documents, false income proofs or irregular property papers. Fraud can never be fully eliminated, but it can be reduced with strong checks. That’s why we focus on prevention. We have tightened our credit process, added more legal scrutiny and are using AI tools to catch unusual patterns. But the most important factor is employee alertness. Well-trained staff can spot red flags early and save the company time and money.

Q. How has GIC Housing Finance built customer trust?

Mr. Sachindra Salvi: Customer trust comes from honest communication and good service. On my first day as MD, I told employees that customer satisfaction must always come first. Advertising costs are extremely high; for example, a metro station display in Mumbai can cost Rs 9 crore per month. Instead, we focus on customer experience. One happy customer brings ten more. Our long-standing PSU promoters add to this sense of confidence.

Q. With rising competition, how does GIC Housing Finance differentiate itself?

Mr. Sachindra Salvi: Our strengths are simple: service, speed and transparency. Our website lets customers check their EMI and eligibility quickly. Our support team responds fast. Once our new systems are live, our loan approval time of 6–7 days will be one of our biggest advantages. In real estate, quick decisions matter a lot.

Q. What advice would you give to first-time homebuyers?

Mr. Sachindra Salvi: Start early. I bought my first home at 20. When you start young, EMIs are easier to manage, and later you can upgrade. A rented flat cannot give you long-term stability or control over your surroundings. Home ownership brings security and the freedom to create a space that reflects your needs.

Q. Many young people say renting is cheaper than buying in big cities. What’s your take?

Mr. Sachindra Salvi: Renting may look cheaper at first, but it does not offer long-term value. Rents keep rising, and shifting homes brings extra costs like brokerage and moving charges. When you buy, you choose your neighbourhood and build your future. A home is both an emotional and financial asset.

Q. How should homebuyers manage affordability and plan loans?

Mr. Sachindra Salvi: Your EMI should be within 40–50 percent of your monthly income. Choose tenure wisely. As income increases, consider raising EMI or shortening the tenure. Good planning keeps you financially comfortable.

Q. What is your five-year vision for the company?

Mr. Sachindra Salvi: Today, we are ranked around 16–17 among housing finance companies. I want us to break into the top ten. Disbursements have grown strongly-from Rs 1,200 crore two years ago to Rs 1,700 crore last year. This year, we expect to cross Rs 3,000 crore. Last year, we grew 40 percent; this year, we aim for 45–50 percent. I also want our AUM to cross Rs 15,000 crore soon. Most importantly, I want GIC Housing Finance to be the first choice for India’s middle class.

Q. Today is Foundation Day. What message would you like to share?

Mr. Sachindra Salvi: My message is simple: we are committed to growth and service. I always tell employees-give 100 percent and the company will return 105 percent. High performers are rewarded, and those who do not perform must improve. This has improved our culture and results. Employees now feel a strong sense of ownership.

To customers and stakeholders, I promise that we will continue to provide transparent, reliable and customer-friendly service.

Q: Why is it better to buy a house than rent in Mumbai?

Owning a house gives you peace of mind and stability. You don’t have to worry about the landlord, short-term agreements, or moving frequently. You also get better facilities like schools, parks, and gyms nearby, and you can decorate your home the way you want. Rent may be cheaper, but it doesn’t give these benefits.

Q: How should people plan their home loans?

You should plan your loan based on what you can comfortably pay each month. Try to keep your EMI under 40–50 percent of your monthly income. You can choose a longer or shorter loan period depending on your earnings. This way, the loan is manageable and doesn’t become a burden.

Q: What is JK Housing Finance’s plan for the next five years?

The company wants to be one of the top 10 housing finance companies in India. They plan to grow their loans and total assets a lot. The goal is to become the first choice for middle-class people looking for home loans. They also focus on rewarding good employees and making everyone feel responsible for the company’s growth.

Q: How do you ensure smooth loan processing for customers?

A: The company has redesigned its systems to make loan processing API-integrated, seamless, and trackable from entry to disbursement. With digital tools, the target turnaround time is 6–7 days, ensuring faster service and customer satisfaction.

Q: How important is employee training in your organisation’s progress?

A: Continuous training is a core focus for GIC Housing Finance. Every week, employees undergo one-hour sessions covering housing finance, customer behaviour, relationship building, and fraud prevention. External experts are also invited. This ongoing learning helps change mindsets, preparing employees to accept new technologies and challenges confidently.

Q: What internal culture do you aim to build within the company?

A: The MD emphasises ownership, accountability, and performance. Employees who give their best are rewarded, while non-performance is not tolerated. This has increased motivation and strengthened the sense of belonging across the organisation.