Home Loan: Basic home loan to pay Rs 1000 crores every month by March 2023

Startup from Gurgaon Basic Home loanwhich recently raised $3.5 million in a funding round led by Venture Catalysts (VCats) and Gruhas Proptechexpects to pay Rs 1,000 crore monthly by March 2023 from Rs 200-250 crores currently, Atul Monga, co-founder of the company, told ET.

The company has an aggressive expansion plan for 2022-2023 and will currently have a presence in more than 100 cities out of about 30 cities.

“As demand for homes grows, buyers are also looking for mortgages. Since most buyers are not end users, they are always looking for a mortgage,” Monga said.

Basic Home Loan has about 5,000 agents in 30 cities and is now planning to connect with builders to get a mortgage.

“We have already established links and are in talks with other leading developers. This will help us get more leads as developers will send clients directly to us,” Monga said.

70% of the company’s credit is in the accessible segment and it has over 50 credit partners.

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The company’s recent funding round involved other venture capital funds, including Earlsfield Capital and Good Capital, as well as the German company Picus Capital, the current investor in Basic. Picus Capitalan early-stage technology investment company invested $500,000 in a seed round in October 2020.

In the first 12 months, the company issued Rs 400 crore worth of loans in more than 15 cities.

The company then planned to achieve a monthly loan repayment of Rs 200 crore and increase the workforce by more than 300 people by March 2022, which it succeeded in doing.

“We are confident that we will reach the new goal as well,” Monga said.

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