Mukesh Ambani's Jio Financial set to transform home loan industry with new launch

Jio Financial Limited (JFL), a part of Mukesh Ambani-helmed Reliance Industries, is set to shake up the home loan market with its upcoming product launch. Details are closely guarded, but beta testing of these products is already underway, say reports.

At its first AGM (Annual General Meeting) after listing in August 2023, JFL announced its expansion into home loans, marking a departure from its current focus on secured lending and digital banking. While specifics are scarce, the new home loan products are expected to leverage JFL’s tech infrastructure and innovative approach, according to a report by DNA.

Strong interest for JioFinance app

The JioFinance app, which reportedly entered beta testing mode on May 30 this year, has attracted over 1 million downloads, indicating strong interest among consumers. This app is anticipated to play a key role in JFL’s home loan services, offering digital convenience and competitive rates.

In addition, JFL is progressing with its joint venture with BlackRock, involving a $150 million investment from each partner, aiming to transform the investment product market. Jio Insurance Broking Limited (JIBL) has also expanded its insurance offerings through partnerships with 31 top insurers. These solutions have been integrated into the JioFinance app.

Turning heads

Despite these advancements, JFL reported a 6 per cent drop in net profit for Q1 2024, and its shares fell by 1.21 per cent on the BSE. Nonetheless, JFL’s bold moves in the home loan sector have captured industry attention, hinting at a potential shift in the financial landscape.