Map-based real estate portal Housing.com has launched a new Home Loans category in partnership with six financial institutions including, CitiBank, Axis Bank, L&T Finance, DHFL, PNB Housing Finance and Bajaj Finserv.
According to Housing.com, the home loan tool will provide buyers looking for home loans with customized solutions to finance their purchase. The company said it worked with the financial institutions to integrate a set of ‘Rule Engines’ into its product. These rule engines incorporate bank policies and terms, to give users an accurate rate of interest.
How it works: The Home Loans category is prominently visible on visiting Housing.com on selecting which the website takes you to a details and eligibility page. Here an applicant has to specify their employment type, monthly income, other loans, city of residence and co-applicant if any. Users are also required to answer questions about the purpose of the loan (buying from builder, buying a plot etc.), and specify if the property to purchase is identified or not.
On filling the form, a user can then proceed to view the loan offers available. On this screen, users can compare between the various loans offered by different institutions, and then apply for the loan from the platform itself. Each offer also includes other details about the loan like service tax, interest type, approval time, payment fees etc.
Housing.com has also established a national phone helpline with a home loan team at 03-333-333-333 to answer any questions about loans on their platform. The company has also updated its website with a Home Loans Guide section which contains over 50 articles on home loan queries and other ‘jargon’ users run into when looking for home loans. It claims the guide introduces users to everything about home loans, from choosing the loan to its disbursement, servicing and payback.
Housing.com had previously raised Rs 115 crore in funding from Helion Venture Partners, Quancomm Ventures and Nexus Venture Partners in June this year. The company currently claims to have mapped over 80,000 houses in Mumbai and 50,000 in Bangalore, with presence in 25 cities across the country including Pune, Jaipur, Nagpur, Ghaziabad, Surat, Chennai and Delhi among others.