MUMBAI: Property site Magicbricks, has entered the home loan services business partnering 13 lenders including State Bank of India, HDFC and ICICI Bank. Through this service, homebuyers can also avail pre-approved home loans that would enable them to negotiate better with the seller.
The tie-up will enable users of Magicbricks avail services in an integrated manner from discovery to the transaction phase. Loan seekers can compare the best available offers and rates and get both online and offline assistance during the application process. They can also do balance transfers of existing home loans and raise a loan against property.
According to Sudhir Pai, CEO, Magicbricks, 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. The property side sees monthly traffic over two crore visits has over 14 lakh property listings. Magicbricks is part of Times Group which publishes the Times of India.
“This service is aimed at offering a seamless experience to the home buyer in identifying and availing the best loan for the dream home. 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,” he said.
The other lenders that are part of the tie-up include PNB Housing Finance, Bank of Baroda, Cholamandalam, Hero Fincorp, Sundaram Home Finance, L&T Housing Finance, IIFL, IDFC First, Bajaj Finserv and Federal Bank.
Magicbricks associates will provide loan seekers with free expert advice based on the information that provide online. They will also provide doorstep pickup of supporting documents and submission to the banks. Magicbricks will then coordinate with the banks and assist in loan disbursal.