Agents such as a property dealer, Financial Advisors are unable to connect directly with banks, which makes the process further difficult. Similarly, it is not easy for builders to add buyers with banks.
By Navodit saktawat
Publish date: Mon, 24 Feb 2025 07:49:43 pm (IST)
Updated date: Mon, 24 Feb 2025 07:51:23 PM (IST)
Taking a home loan in India has been full of difficulties for a long time. Especially in small towns, buyers face many difficulties such as lack of banks, difficult paperwork, delay in getting approval and agent fees.
All these difficulties are seen especially in Tier 2 and Tier 3 cities, where affordable housing is high, but it is difficult to take a loan. Agents such as a property dealer, Financial Advisors are unable to connect directly with banks, which makes the process further difficult. Similarly, it is not easy for builders to add buyers with banks.
To remove this difference, basic home loans have brought basic brigade. It is a group of influencers such as property dealers, CA, Financial Advisor, Housewives, which combines home loan consumers with basic home loans. Basic’s team makes the distribution of loan easier by providing all the necessary support.
In the basic home loan, we want to make home loans easy and affordable for everyone. With digital innovations, we are completely changing the experience of home buyers, builders and financial agents. Atul Monga, Founder and CEO, Basic Home Lone said.
Difficulties are distant in Bihar
In Patna, home loan referral agent Sonam Kumari had to face some similar difficulties- she used to have an inquiry of home loan, but could not have a connection with the bank. Even if the loan consumer was found, it was difficult to get approval.
One such consumer was Mohammad Salauddin from Siwan. He was buying a house for the first time, he had never taken a loan before. In such a situation, his loan was not being approved. Sonam knew that she is the right consumer but still she was not able to help him get a loan.
Mohammad was associated with a bank using Basic’s network, which helps consumers taking loans for the first time. Now there is no need to meet Sonam with many banks who give loans, Basic’s in-house team makes all the work easier from paperwork to approval.
In a few weeks, Mohammed got a loan of Rs 24 lakh, while Sonam also got a referral commission. There was no delay or difficult in the entire process.
‘With this thinking we have built the basic brigade- so that the leads coming to agents like Sonam can be converted to the approval of home loans. Due to the flaws of the system, people do not have trouble getting loans. Monga said.
The basic brigade has developed rapidly since its introduction, with more than 16000 agents from across the country. Every month it works on a home loan inquiry of Rs 15000 crore and has done a loan approval of about Rs 700 crore. Together with more than 150 builders, this housing finance has brought positive changes in the sector.
Basic Brigade Technology
The basic home loan works on a physical model, making the process of home loan easier using both technology and human expertise. This process connects the loan consumer with the right lender.
Real-time loan tracking can monitor the status of both agents and loans- both applications. This does not have to follow up again and again and increases transparency in the process. The payout system of the basic brigade decides that the agent gets the right commission on time. Overall, it makes all the difficulties of the system easier.
Keeping in mind the agents, the basic home loan provides mobile friendly platforms, through which it becomes easy to monitor Leeds, referrals and earnings.
‘Our services are not limited to only loans. We want to improve the entire process through technology. Whether it is metropolitan or small town- we want every person who bought a house can easily take a loan without any difficulty. Monga said.
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