Indias 1st Home Loan selection and recommendation engine for home buyers using AI based application
Easiloan Techno Solutions Pvt. Ltd., a new age fintech start-up has launched “Easiloan Instant Match” application, housing finance industry’s first Artificial Intelligence (AI) technology-based selection and recommendation engine for home buyers. With this launch, Easiloan.com aims to address the inefficiencies in the home loan ecosystem by leveraging technology to streamline the loan processes across buyer, developer/seller and lenders. The application brings developers, direct selling agents (DSAs), customers, banks and NBFCs on a single platform for end-to-end digital processing of home loans. The proprietary AI based feature allows customers to compare and choose from shortlisted options based on their profile.
Easiloan has tied up with leading lenders like HDFC, ICICI Bank, SBI, Bajaj Housing Finance, PNB, IIFL Home Finance and others. Easiloan is already servicing home loans for several developers in Mumbai and is in talks to partner with many more in Pune and Bengaluru over the next few months. “Despite living in the era of digitisation, getting a home loan in India remains a time-consuming and paperwork driven process, ridden with multiple levels of documentation and approvals including physical visits to banks. This is where we want to make a mark. We want to take the pain and stress out of our customers’ search for the perfect lending partner for their dream home. We are excited to introduce India’s first match-making tool that curates the best offers corresponding to specific customer profile and requirement through the use of Artificial Intelligence. At Easiloan.com the customer profiles are pre-qualified, matched and processed thru an all-digital platform resulting in high success rates and shorter turn-around-times (TAT). Faster processing of loans also helps real estate developers realise early cashflows and reduce booking cancellations due to non-servicing of loans. Currently Easiloan is processing a few hundred cases a month and scaling further to new markets and adding customer base,” said Pramod Kathuria, Co-Founder, Easiloan.
Aggregation of Demand
Easiloan also works as an aggregator of demand across real estate developers, brokers and individual customers for the banking system. It offers a single point solution to real estate developers for the home loan requirements of their customers through its platform by profiling, match-making and automated processing into the banking system. Pre-qualified customer profiles are offered to relevant banks/ HFCs through the Easiloan app, leading to high rates of conversion, low human errors and quicker sanctions & disbursements.
Developer Benefits
For developers, this translates into faster cashflows and fewer losses on account of cancelled bookings due to un-serviced loans. It also addresses the issue of opportunity losses for real estate developers on account of apartments blocked by customers whose loans eventually do not get serviced.
‘Green Channel’ ensures pathbreaking processing time
Easiloan.com’s tech-enabled ‘green channel’ for lending institutions ensures pathbreaking processing time using a proprietary AI based engine for credit appraisal and analysis before directing to banks for fulfilment.
About Easiloan:
Easiloan is an end-to-end digital platform for real estate developers, brokers, home buyers and lenders, bringing the demand and supply together. Easiloan works as the front-end to Banks with a re-imagined approach for sourcing and processing of home loans. Easiloan is founded by Pramod Kathuria who brings a rich experience in banking, home finance and real estate. Pramod has been part of the leadership team in organisations such as GMR, L&T, Lodha and ICICI Bank. Vishal has over 15 years of experience in Corporate Finance and Fund raising and was responsible for setting up a Housing Finance Company in his previous organisation.