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EASY builds a neo-banking model for mortgages

The process to offer standard online home loan product is fully mobile app based:

EASY builds a neo-banking model for mortgages

Easy Home Finance (EASY HFC), registered with National Housing Bank (NHB), is India’s leading mortgage tech company. EASY HFC has recently entered into a co-lending partnership with ICICI Home Finance Company (ICICI HFC), to disburse affordable home loans in the country. This partnership will leverage ICICI HFC‘s expertise in affordable housing segment. As a leading affordable housing finance company, ICICI HFC has been instrumental in providing a range of regular home loan, affordable home loan, LAP, micro-LAP, home improvement loan, and construction finance to developers. EASY has tech capabilities to enable quick disbursement of affordable home loans and make the dream of owning a home come true, for millions of Indians. ICICI HFC has rural-urban combined connect.

Rohit Chokhani, Managing Director of Easy Home Finance, claims: “As a common motive of being more customer-centric and broadening our geographical footprint, customers will now be able to enjoy the best of both worlds – the trust and experience of ICICI HFC and our tech-focused offerings. The co-origination, underwriting and disbursement activities from both the parties together will enable a seamless process for new home buyers.”

Digital Experiences

EASY HFC is a pioneer in the mortgage tech space in the Indian subcontinent. It is a tech-enabled company, built around the customer. It’s perennial alliance with ICICI Home Finance is a significant step towards providing affordable home loans and reaching added Indian households. In a bid to offer efficient paperwork, cost-effective, and hassle-free home loans in the market, Easy Home Finance is embarking on this journey. Rohit explains: “We aim at making our customers’ home ownership journey easier while offering them highly interactive digital experiences. Easy’s asset-light model of neo banking mortgage and a greater reach for digital home loans will help customers get home loan processed faster. The partnership will benefit customers in numerous ways such as eradicating the hassle of long home loan procedures and paperwork. Our highly professional team leverages our cutting-edge technology making us a leader in the affordable home loan industry. The partnership will leverage our neo-banking infrastructure to paperless, digital loan service to our customers.”

Online Loans Growth

Easy Home Finance gives only digital loans. It does not do rural loans, so its all loans are urban loans only. Rohit underlines: “Online loans have seen an 800% growth y/y. There is no differentiation in co-lending and direct lending on loan applications. However, our process of fully online remains the same. We expect online loans to grow at exceptional pace on the strength of technology and double from previous fiscal.”

Covid impact is slowly getting fulfilled by the demand of customers. The segment which is highest growing is the young and middle-aged for easy. The low and medium group is the highest growing. Rohit adds: “We see that self-employed will be growing at fastest pace, urban and peri-urban are going to be fastest growing. Female customers are growing faster than male customers.”

Platform Fox, Mobile App

Easy Home Finance earlier had announced a MaaS (Mortage as a Service) partnership with ESAF Bank, and now with ICICI Home Finance, it is the next step to expand and grow as India’s leading mortgage tech company. Rohit underlines: “All this is only possible with our proprietary home-ownership technology platform, ‘Fox’, which will be used throughout all our partnerships. Our standard home loan product is offered online, with a mortgage insurance. The process is fully mobile app based, and turn around time (TAT) is 1 day. We provide only doorstep service or mortgage on mobile service. Only standard Android mobile phone is required by any individual.”

Easy Fox Card

Fox Card Easy Home Finance has multiple uses like home renovations, home extensions, home furnishing, and other business purposes, and users pay only for what they use. Rohit indicates: “Fox Card enables user to seek revolving line of credit against their own property. We have paperless approval doorstep service for this card.”

Innovating Model

The company is working on a hub office team model. Although the hub offices are named branches, they work on teams of 1 to 3 people, who are one stop interface between customers and the company. Rohit informs: “We are innovating on many fronts. We are working with a bank to shortly provide a save towards pre-payment option for the customers.”

 

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