EasiLoan partners with major housing funders and digitizes sanctions

Mumbai: EasiLoan, a fintech platform for mortgage providers, developers and borrowers, has partnered with lenders representing 70% of the mortgage market. Integrating the business with lenders and developers allows borrowers to get a feel for their eligibility. They will also know the interest rate of lenders based on their profile. This cuts down on weeks of processing time.
The company, which recently started operations, is already looking for 200-250 home loan applications per day and aims to grow to 700 by year-end. EasiLoan is promoted by Pramod Khaturia, former regional manager of ICICI Bank and who has worked with real estate and construction companies like Lodha, L&T Realty and GMR Group. Co-founder Vishal Dawda has over 15 years of corporate finance and fundraising experience with Lodha Developers and Trustcap.
According to Khaturia, the platform aims to solve the problems of all constituents of the housing finance ecosystem, including borrowers, developers, direct sales agents, brokers and banks. However, it will only charge fees to participating banks and housing finance companies. Unlike some digital loan providers, EasiLoan does not lend or provide services except through EasiLoan Techno Solutions.
“Our current focus is largely on the primary market where the seller is the developer. One of the biggest issues for a developer is cash flow because it has a high cost of funds, ”Khaturia said. Despite their ties to lenders, developers sometimes have to wait up to two months to get the funds because borrowers don’t always match the right lender. For the client, it will be a single market where they can get a choice of offers for which they are already approved and get approval in principle digitally, said Kathuria.
“’EasiLoan Instant Match’ works as a selection and recommendation engine to deliver the best deals to customers. Client profiles are pre-qualified, matched and processed, resulting in a high success rate and shorter turnaround times, ”said Khaturia.
What cuts down on loan processing time is the fact that EasiLoan’s matchmaking engine uses lender’s credit logic, office score, and customer information so that the credit assessment is performed. instantly using information available digitally. As the platform integrates an application program interface with banks, no additional forms are required from the borrower’s side.
In addition to providing home loans, the company uses its artificial intelligence-based loan matching software to provide support for home loans and top-up loans.

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