Amidst the rising demand for home loans in India, we put the spotlight on BASIC Home Loan, on this episode of Startup To Scaleup.
BASIC Home Loan, a fintech company, aims to automate the entire home loan process for consumers. The startup is especially focussed on enhancing accessibility to home loans for low and middle-income households in tier II and tier III cities.
In conversation with Editorji's Avni Raja, founder Atul Monga, underscored the surging demand for affordable housing, particularly in tier-2 cities where projects are swiftly gaining traction. Shedding light on the changing consumer trends in real estate, he emphasized the significance of the ₹20-40 lakh range as the biggest loan category.
However, acting as a mediator between lenders and customers comes with its own set of challenges, articulates Monga. One such hurdle is the intricate and demanding integration process with banks. Moreover, the recruitment and retention of agents, pivotal to the company's operations, present their unique difficulties.
In response to these challenges, BASIC Home Loan has proactively addressed them. Monga revealed the establishment of the BASIC Academy, a training initiative for new agents. Additionally, the company collaborates with colleges for agent recruitment, contributing not only to job creation but also fostering a positive social impact.