Basic Home Loans has cumulatively processed home loan applications worth $3.5 billion in 2023. (Representational image)
Basic Home Loans has also impacted Ebitda-level profitability with an ARR of Rs 125 crore in March this year.
Gurgaon-based Series-A funded fintech startup, Basic Home Loans said it has reached an annual disbursement rate of Rs 10,000 crore and has enabled gross disbursement of home loans of Rs 900 crore by March 2023.
With new buyers entering the market and increasing demand for home loans, this is a 500 per cent annual growth in loan disbursements from 2022 onwards. The company has also achieved Ebitda-level profitability with an ARR of Rs 125 crore in March this year.
Having partnered with over 60 banks, HFCs and NBFCs, the company has cumulatively processed home loan applications worth $3.5 billion in 2023, with a 600 percent increase in the number of loan applications in 2022.
Atul Monga, Founder, Basic Home Loans said, “When we started this journey 2.5 years back, we realized that the loan requirements in Tier 2 and 3 locations were being met. Given that a major chunk of the Indian population belongs to middle and low-income families, we aimed to create a social impact and address their housing needs.”
He added that the company has always kept unit economics positive in its journey. “But, instead of simply growing the business without regard for profitability, we want to follow a balanced approach to build something that is sustainable. I thank my teammates for the exciting journey so far and wish us all much more success.”
Basic said it was able to meet the credit needs of over 20,000 households in 2022, with demand for home loans rising after the pandemic slowdown. This number has steadily increased since the resumption of economic activities and currently, they meet the credit needs of 1. 00,000 families all over India.
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