Legalkart partners with BASIC Home Loan to offer legal assistance to home loan seekers

LegalKart, a legal technology company, is collaborating with BASIC Home Loan, a Gurugram-based fintech start-up that is revolutionizing home lending in India, to help buyers through their home buying journey and provide expert legal assistance service to its customers. This will ensure customers have a convenient, seamless and hassle-free end-to-end home loan experience. Customers looking for a balance transfer from their existing home loan can also benefit from this facility.

The property verification report is the most important document before buying a property. As part of the collaboration, a senior real estate attorney from LegalKart will review all legal aspects of the property. They will review government records and the chain of ownership documents available to determine and confirm legal ownership of a property and determine any claims on the property. It reveals any unpaid mortgages, liens, judgments or taxes that will need to be settled before the property can be sold; and details of any existing easements, restrictions or leases affecting the property.

This will provide a safe real estate investment without fear of litigation or hidden property loans, peace of mind from the comfort of your home, and the ability to transact with confidence.

Through this partnership, Legalkart and BASIC are simplifying the process of obtaining a home loan by addressing the legal and technical issues that consumers face when obtaining a home loan. It will allow consumers to seek legal advice and access home loans more seamlessly than ever before, using technology, while saving significant time, money and resources. Key benefits include faster loan processing, increased accuracy in assessing borrowers, increased convenience; and more transparency.

Arvind Singhatiya, Founder and CEO of LegalKart, said: “The reason why we collaborated with BASIC Home Loan is that more than 40% of users of the LegalKart platform express the need for home loans. During the process of buying and registering a property, verifying the property is the first step before deciding to go ahead with the purchase. Most buyers first spend months requesting and trying to obtain the numerous documents, then more time, effort and money trying to verify their authenticity. By partnering with BASIC Home Loan, we will be offering a property verification service, where buyers can have all documents verified quickly, easily and conveniently from the comfort of their home.

Founded in 2018, LegalKart claims that it has already served over a million consumers and has over 10,000 lawyers on its platform in over 900 locations including several cities, districts and remote areas in India. The Gurugram-based start-up is growing at a rate of 25% month-on-month and aims to double its customer base every quarter. It is also in talks to raise a Series A funding round by the end of 2022 to scale international markets such as Southeast Asia, which is its primary target market.

Kalyan Josyula, Co-Founder and COO, BASIC Home Loan, said: “Buying a dream home, for most clients, is one of the most important purchases of their lives. Besides financial eligibility, legal and technical verification of the property plays a vital role in the approval of a home loan. Legal issues, which need to be handled with expert help, have been a major pain point for consumers and this partnership will help fill that need by reducing manual dependencies and automating the home loan journey.”

The real estate lending segment has seen robust growth in the current fiscal year, despite rising interest rates. According to RBI data, the total outstanding mortgage loans of banks stood at ₹17.4 trillion in June, up 15.1% from a year earlier. This figure is higher than the 11% year-on-year growth recorded in June 2021.

Read also | HDFC launches a Spot mortgage offer on WhatsApp

BASIC has a phygital model, which is a combination of physical agents, plus a digital model that helps customers choose the right bank and get home loans hassle-free. The agent guides and assists the consumer throughout the loan process, free of charge. In addition, BASIC and Legalkart will offer cashback on processing fees, real estate reporting services when obtaining a home loan or balance transfer service, and additional offers from major furnishing brands to customers.

BASIC works closely with over 50 banking partners and successfully disbursed over 2,500 crore in loans in over 50 cities in FY22. The company is on track to achieve monthly disbursements of over Rs 1000 crores in home loans by March 2023.

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