Home >Money >Personal Finance >Magicbricks to offer home loan services, ties up with SBI, HDFC and 11 other lenders
After the recent RBI rate hike, home loans will get costlier. Photo: Mint
After the recent RBI rate hike, home loans will get costlier. Photo: Mint

Magicbricks to offer home loan services, ties up with SBI, HDFC and 11 other lenders

  • The new initiative will the allow loan seekers to compare the best available offers and rates, gain online and offline assistance during the application process, the company said

Magicbricks, the popular real estate portal, on Wednesday said that it has entered into home loan services ahead of the festive season. "To enable home buyers to avail medium to long term loans to finance their dream home", Magicbricks has tied up with 13 leading lenders in the country. The new initiative will the allow loan seekers to compare the best available offers and rates, gain online and offline assistance during the application process, the company said.

Customer can get a home loan from banks including SBI, PNB HFL, HDFC LTD, ICICI Bank, Bank Of Baroda, Cholamandalam, Hero Fincorp, Sundaram Home Finance LTD, L&T Housing Finance LTD, IIFL, IDFC First, Bajaj Finserv and Federal Bank on Magicbricks’ platform. The will also get a wide range of home loans including balance transfers and loan against property, the company said.

Here's how you can take a loan on Magicbrick's portal

Magicbricks will be launching home loan facility in the next few weeks. It will enable loan seekers in better decision making with the help of tools and expert advisory. Loan seekers can start by filling out the application form, based on which Magicbricks associates who will provide them free advice on the best loan offers for their segment, said the real estate portal. From doorstep pickup of supporting documents to submitting those to the banks, Magicbricks will help the borrowers with plethora of new services.

"The firm will then coordinate with the banks while they review the forms or documents for approval, and assist the customer right up to the actual disbursal," Magicbricks explained. Through this service, homebuyers can also avail pre-approved home loans, it added.

The new initiative is aimed at offering a seamless experience to the home buyer in identifying and availing the best loan for the dream home, said Sudhir Pai, chief executive officer, Magicbricks.

"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 further added.

"Through Magicbricks’ home loan borrowers can use calculators for EMI calculations, check eligibility, balance transfer, and also get access to key FAQs and articles to understand the nuances of the loan process. The service also allows loan seekers to view and compare the rates and offers that are available for their loan type, along with the benefits and the eligibility criteria across all banks," the company added.

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