Getting a home loan in India has often been a tedious process, burdened with lengthy paperwork and long waiting periods. Despite the housing loan market’s expected growth, the procedure has remained largely unchanged, making it cumbersome for prospective homeowners.
Careedge Ratings projects that India’s housing loan market, encompassing banks and housing finance companies, will grow at a compound annual growth rate of 15–16% between fiscal years 2024 and 2030. With technology advancing rapidly, artificial intelligence is now poised to simplify the loan process.
BASIC Home Loan, a leading mortgage fintech platform, has launched HOM-i, India’s first AI-powered home loan assistant. The platform aims to make home loan approvals faster, smarter, and simpler by providing instant credit checks, property evaluations, and personalized lender recommendations. Users can interact with HOM-i via text, voice, or video chat in multiple Indian languages, making it accessible nationwide.
During its beta phase, HOM-i analyzed over 3 lakh customer profiles and 2 lakh property profiles, resulting in the sanctioning of Rs 30,000 crore in home loans. Trained on over 6 lakh call transcripts and 2 million minutes of advisor conversations, HOM-i understands borrower behavior and preferences, improving outcomes for both lenders and borrowers.
Atul Monga, CEO and Co-founder of BASIC Home Loan, stated that HOM-i accelerates India’s journey toward ‘Housing for All’ by making home loan approvals faster, smarter, and more transparent. The platform integrates credit and product data from over 100 lenders and 15,000 pre-approved lender-builder combinations, supporting more than 30 Indian languages, including Hinglish, to serve both urban and rural populations.
Unlike rule-based systems, HOM-i employs advanced machine learning to handle complex cases, currently delivering 60–70% accuracy in decisions, to reach 90% within six to nine months. Supported by over 20,000 agents across 650 districts and more than 100 financing partners, BASIC processes over $1 billion in home loan applications every month. HOM-i will launch in early access in October, followed by a full-scale rollout in November, helping India move closer to its ‘Housing for All’ goal, particularly benefiting low- to middle-income households in tier-2 and tier-3 cities.
