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| Edited By: Collin Furtado |Source: DNA |Updated: Mar 22, 2018, 04:17 AM IST
With deposits reaching their peak, many banks as well as Non-Banking Financial Corporations (NBFCs) have started cutting their interest rates to pass on the benefits to the consumer, post demonetization.
This is expected to kick-start the real estate market that has been on the decline in the past few years.
In an environment favoring home buyers, DHFL is about to launch a campaign to give them the push to go ahead. Sevantika Bhandari, SVP and head marketing at DHFL, spoke to Collin Furtado on their upcoming campaign starring Shahrukh Khan.
She further spoke on the impact of demonetization and home loan growth.
Everyone was psychologically impacted. For 5 to 7 days there was panic but then it stabilised. After demonetization real estate rates has fallen but to some extent. If our customer has the ability to pay, he will buy the place if he likes it. From our BTL activities we have started getting huge inquiries and we are still doing sanctions. To be fair, there was a notification by the government also to extend time-lines. If you don’t pay your EMI on time, you go into default. The regulators gave us clarifications that you could give 60 days holiday until the cash crunch comes to a halt. We were also putting those measures in place. Of course, we are not a bank so we didn’t face the brunt of demonetisation or the pressures as much as banks, but so did we face (the impact) in terms of collections, etc. but most of it has stablised now. Most of the notifications which came in helped the customer to try and control this.
Shah Rukh Khan has been associated with DHFL for over 2 years. There is enough statistical evidence by many research firms that in any brand awareness story, signing up with a superstar with his own awareness caliber, lifts the awareness of the brand much higher and faster. But the super star should have relatability for consumers to develop a strong brand connect.
Shah Rukh Khan, with his people connect driven by diverse performances, has enthralled Indians over the years. He is someone who has seen the struggle and come up the hard way. This resonates with our brand and customers. In this context, Shah Rukh Khan is the perfect brand ambassador in our endeavour to connect with every Indian for their financial well-being, today and in the future.
The campaign will be out on January 14. It will be across six weeks on TV, radio, press, and in certain place outdoor or ground because ground level activations are very important for us, especially in tier 2 and 3 cities.
This is one of the largest spends that we do during the January-March period. It is one of the biggest period for us in terms of our business. We do almost 45-50% of our ad spends in this period.
If you look back, nothing really changes. What happens is that you seem to perceive that you have got a deal. For instance, the bank may have reduced the interest rates or gives some sops. But sometimes you may buy a property because you may like it even if it is a bit expensive. You buy it for living. What we are saying is that this is a time when people buy homes. We will be there to remind people that we are here, we understand them and when they think of buying, they should think of us.
For us, if someone is taking a loan, it has to be that person. For my customer, he is not buying to invest. It is his own home. The first thing that people call us up to ask is how much loan will they get. Then we tell them that we can give a Rs 10 lakh loan if they say that they need Rs 12 lakh. So, for him ensuring that the property is in his name is also very important because he is putting his entire life there.
