Widening its portfolio of Property Services marketplace, Magicbricks, India’s No.1 property site, today announced its entry into Home Loans services with the country’s 13 leading lenders in its bid to offer homebuyers a plethora of integrated services from the discovery to the transaction phase. In order to enable homebuyers to avail medium to long term loans to finance their dream home, Magicbricks’ latest offerings will allow loan seekers to compare the best available offers and rates, gain online and offline assistance during the application process and also get a wide range of home loans including balance transfers and loan against property.
Magicbricks’ Home Loan platform, offers visibility on the best rates and schemes offered across 13 partner banks that include SBI, PNB HFL, HDFC LTD, ICICI Bank, Bank Of Baroda, Cholamandalam, Hero Fincorp, Sundaram Home Finance LTD, L&T Housing Finance LTD, IIFL, IDFC First, Bajaj Finserv and Federal Bank. Magicbricks will enable loan seekers in better decision making with the help of tools and expert advisory. Loan seekers can start by filling out the application form, based on which Magicbricks associates will provide them free expert advice on the best loan offers for their segment, and take away all their hassles including online or doorstep pickup of supporting documents and submission to the banks. Magicbricks will then coordinate with the banks while they review the forms/documents for approval, and assist the customer right up to the actual disbursal. Through this service, homebuyers can also avail pre-approved home loans that would enable them to negotiate better with the seller.
Excited at the launch of the new service, Mr. Sudhir Pai, CEO, Magicbricks, said: “We are extremely delighted to widen our Property Services with our latest offerings, Home Loans. It is aimed at offering a seamless experience to the home buyer in identifying and availing the best loan for the dream home. Increasingly, consumer preference is shifting toward affordability as around 50% of home buyers are now looking for properties within Rs.20-Rs.50 lakh range. With interest rates now at an all-time low our Home Loans service will help home buyers simplify this complex process and manage budgets smartly. We will be adding more services to our Property Services marketplace as we move ahead in our journey of becoming India’s first full-stack service provider in the real estate space.”
The Home Loan facility is in the long list of smart property solutions that Magicbricks would be launching in the next few weeks. Through Magicbricks’ Home Loans loan seekers can use calculators for EMI calculations, check eligibility, balance transfer, and also get access to key FAQs and articles to understand the nuances of the loan process. The service also allows loan seekers to view and compare the rates and offers that are available for their loan type, along with the benefits and the eligibility criteria across all banks. For every partner bank and financial institution, there are dedicated pages listing offers, benefits, eligibility criteria, and lists of documents needed for the application. Loan seekers will also get access to a dashboard that would enable them to keep track of their application status.