BASIC Home Loan Hits Rs 10,000cr Disbursement, Turns EBITDA Positive

BASIC Home Loan, a Gurgaon-based fintech startup, announced that it has reached an annualized disbursement rate of Rs 10,000 crores and enabled gross disbursement of home loans worth Rs 900 crores as of March 2023.

With new buyers entering the market and a demand for home loans rising, this is a 500% annual growth in loan disbursements from 2022. The company has also hit EBITDA-level profitability with an ARR of Rs 125 crores in March this year.

BASIC Home Loan's Strategic Growth

Having partnered with over 60 banks, HFCs and NBFCs, the company has cumulatively processed home loan applications worth US$3.5 billion in 2023, an increase of 600% in the number of loan applications in 2022.  

Speaking on the occasion, founder of BASIC Home Loan, Atul Monga said, “When we embarked on this journey 2.5 years ago, we realised that there is an under fulfilment of loan requirements in tier 2 and 3 locations. Given that a sizable chunk of the Indian population belongs to mid and low level income households, our aim was to create a social impact and meet their housing needs. We have always stayed unit economics positive in our journey. But rather than just scaling the business without caring profitability, we want to follow a balanced approach to create something that is sustainable. I thank my teammates for an exciting journey so far and wish more success ahead for all of us.”

Digitalization has been a key enabler for BASIC since its inception. To help India achieve its mission of ‘Housing for All’, the company uses a Phygital approach to serve affordable housing customers which require Rs 10-40 lakhs as home loans.

“We believe India’s housing problem can be solved through an efficient lending and distribution system. Our goal is to empower low and middle-income households to achieve their dreams of homeownership through product innovation and digitised home loans,” adds Atul.

According to BASIC, with the demand in home loans picking up after the pandemic slowdown, it was able to serve the credit needs of 20,000+ families in 2022. This number has steadily grown as economic activities resumed and currently they serve the credit needs of 1,00,000 families across India. 

(Disclaimer: TICE news did not write this content. It is based on a press release sent by the company or the organisation.)