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Widening the partner footprint

Founder Atul Monga shares the business focus and the technology approach at BASIC Home Loan:

Widening the partner footprint

Manoj Agrawal: What are the geographies that the company is present in? How many branches and how many employees?

Atul Monga: BASIC Home Loan has 30 branches with a presence in locations like Agra, Bangalore, Delhi-NCR, Faridabad, Gurgaon, Gwalior, Hyderabad, Jaipur, Lucknow, Meerut, Mumbai, Noida and Patna. Presently, we have about 250+ employees.

Which are your primary customer segments? What is their income range? What is the loan amount range?

The primary customer segments that the company lends to are those looking for affordable housing. They can be salaried individuals, small business owners, and self-employed persons. Depending on the lender’s criteria, the loan amount range could vary between Rs5 lakhs to Rs5 crores.

Who are the various partners from whom BHL collects information for processing loan applications?

We partner with more than 60 banks, public sectors, HFCs and NBFCs. With these partnerships, we have helped numerous individuals and families finance their homes, with more than 15,000 crore applications processed to date.

Who are the various partners with whom BHL partners for sourcing leads?

BHL partners with various financial influencers (like chartered accountants, direct selling agencies, financial advisers, and property advisors). Along with these, BHL has partnered with several real estate developers and brokers for the source of leads. The following are our sourcing channels:

Agent sourcing channel (Affiliates channel): As our go-to-market strategy, we started the business with an agent-sourcing channel through which we generate leads. It is shown as an affiliate in the MIS.

Direct online: This channel was started in April 2022. We generated leads which were converted to logins but disbursements couldn’t happen as there was a lockdown in April and May 2022. Disbursements started from June onwards and in July this channel contributed about 18 percent of overall disbursements.

Real Estate Builder sourcing: In July we started pilots with 4-5 builders and corporate brokers. We have started receiving leads from this channel from August onwards.

Online Affiliates: This channel was started to capture digital real estate brokers and community management platforms (such as Apna Complex) in August 2022. We started a pilot with to source leads. Currently, we have received about 200 leads from this channel which are currently being processed. Post pilot we will go for direct API integration with their system.

Which are the prominent digital platforms where BHL is actively present?

BASIC Home Loan is actively present on LinkedIn, YouTube, Facebook, and Instagram. On these platforms, we frequently post useful videos, tips and advice for homebuyers and their homeownership stories. We also share information about company events, special offers, and new product launches.

On YouTube, we upload informative videos, interviews with financial experts and client testimonials. In addition, we use our Instagram and Facebook pages to post engaging visuals about the home-buying experience. We post useful pictures and interesting memes as well. Meanwhile on LinkedIn, we leverage digital presence to post career opportunities and updates related to the mortgage industry.

What SFA and CRM systems does the company use?

All technology and product development at BASIC is done following the principle “built for purpose”. For instance, we offer a live tracking system for home loan applications, which allows customers to see the status of their loan application in real-time, making the process more convenient. BASIC Home Loan is at the forefront of the latest technology trends in the home loan industry. The following products help in automating the home loans:

Omnichannel CRM solution: This solution supports paperless logins to sanctions, automates documentation and the disbursement process.

Product Eligibility Matrix (PEM): For checking the available offers the agent utilizes our in-house matchmaking engine called Product Eligibility Matrix (PEM). It is the first time in the industry that we are not just matching the customer profile, but also the property profile to show recommendations for available products. PEM matches the offers accurately based on digitized credit policies of the banks. Our current login to sanction rate is 70%.

Dynamic Document Rule Engine: Our document rules engine software ensures first time right documentation for login, ensuring faster TATs and has brought operational efficiency in agent workflows for the first-time in the industry.

Automated backend for agents: This feature allows efficient customer KYC and document verification using technology.

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