Financing Homes For Bharat BASIC Home Loan began with the intent of empowering low and middle-income households through product innovation and digitized home loans
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With about 70 percent Indians living in rural areas, housing is a fundamental need in our country. However, the traditional loan application process is a tedious one and banks remain focused on big ticket loans. Realizing the under fulfillment of loan requirements in tier 2 and 3 cities, BASIC Home Loan began with the intent of empowering low and middle-income households through product innovation and digitized home loans. Founded in 2020, BASIC Home Loan is India's first automated platform for home loans with special emphasis on the affordable housing segment.
Using a phygital approach, their network of home loan agents utilize proprietary technology to handhold customers right from choosing a banking partner, to the disbursement of loan. Says Kalyan Josyula,Founder & Head of Technology, BASIC Home Loan, "Our vision is to offer a simplified process of purchasing a home. Being a cloud-first company we are able to scale our operations quickly and efficiently. Our omnichannel CRM solution, Product Eligibility Matrix (PEM) and automated backend for agents help in reducing operational costs of home loans.
Moreover, features like video KYC and a live tracking system for home loan applications brings more transparency for consumers. So far, we have helped more than 80,000 families across India achieve their dream of owning a home."
Staying at the forefront of disruptive innovation, BASIC serves small-ticket customers and has Rs 20-30 lakhs as an average ticket size. Having partnered with over 60 lenders, it has processed more than 15,000 crore applications to date and has sanctioned Rs 5000 crore as of November 2022. BASIC is all set to become the largest mortgage distributor by March 2023.