Mumbai: Fintech firm Basic Home Loan is poised for significant growth, projecting a three-fold increase in revenue to reach between ₹150 to ₹200 crore in the current fiscal year. This ambitious target is attributed to the deployment of artificial intelligence tools and enhanced collaboration with the real estate sector, as revealed by the company's co-founder and CEO, Atul Monga.
Since its inception in 2020, Basic Home Loan has been dedicated to creating an online mortgage brokerage that facilitates home loans for low to middle-income households, particularly in tier-2 and tier-3 cities. Monga highlighted that the company's revenue in the previous year was approximately ₹70 crore, and with the introduction of its AI-driven solution, HOM-i, the firm is on track to achieve its revenue goal. This innovative tool has already analyzed over 3 lakh customer profiles and 2 lakh property profiles, leading to ₹30,000 crore in sanctioned loans.
The company's strategy also includes geographic expansion to tap into new customer bases. Basic Home Loan's collaboration with real estate firms has strengthened its market presence, enabling it to process loan applications worth over ₹8,500 crore monthly across 650 districts with more than 100 financing partners. This strategic positioning is crucial for the company's ambitious plans, which include a potential listing on exchanges by 2030.
Monga expressed optimism about the future, stating, "The growth we anticipate is fueled by several key factors, including the successful launch of HOM-i and the scaling of Homfinity. We believe that by leveraging technology and forming strategic partnerships, we can significantly enhance our service offerings and customer experience." As the Indian fintech landscape continues to evolve, Basic Home Loan's approach may set a benchmark for others in the industry.
In conclusion, with its focus on innovation and partnerships, Basic Home Loan is not just redefining the home loan process but also paving the way for transformative changes in the Indian financial ecosystem. The integration of AI and collaboration with real estate firms highlights the potential for significant growth in the sector, making home finance more accessible than ever before.
