TLDR: BASIC Home Loan has launched HOM-i, an AI-powered platform designed to revolutionize the home loan application process in India. Utilizing generative AI and machine learning, HOM-i offers instant credit checks, property evaluations, and personalized lender recommendations. During its beta phase, it processed over 3 lakh customer profiles and facilitated ₹30,000 crore in loans, aiming for 90% accuracy within 6-9 months after its full rollout in November.
BASIC Home Loan, a rapidly expanding mortgage-focused fintech company in India, has officially introduced HOM-i (pronounced Homey), marking a significant leap in the country’s home financing sector. HOM-i stands as India’s first AI-powered platform dedicated to streamlining and accelerating home loan approvals, making the homebuying journey faster, smarter, and more transparent for millions of Indian consumers.
The innovative platform leverages advanced generative AI and machine learning algorithms to perform a comprehensive suite of tasks. These include instant credit profile assessments, thorough property evaluations, verification of project approvals (APF status tracking), and intelligent matching of borrowers with the most suitable lenders. A key feature of HOM-i is its multilingual capability, allowing users to interact via text, voice, or video chat in over 30 Indian languages, including hybrid languages like Hinglish, ensuring 24/7 expert assistance.
During its extensive beta phase, HOM-i demonstrated remarkable efficiency and impact. The platform successfully analyzed more than 3 lakh (300,000) customer profiles and 2 lakh (200,000) property profiles, culminating in the facilitation of housing loans worth an impressive ₹30,000 crore. This phase also proved crucial in identifying common rejection patterns, which in turn helps both lenders and borrowers improve the success rates of loan applications.
To ensure its robust performance, HOM-i has been trained on a massive dataset, comprising over 6 lakh (600,000) call transcripts, 2 million minutes of advisor conversations, and 1 million digital interactions. This extensive training enables the AI to deeply understand borrower needs, preferences, and behavioral patterns. Ahead of its early access launch in October and full-scale rollout in November, 700 BASIC Home Loan advisors are committed to providing an additional 2 million minutes of human-led training to further enhance HOM-i’s decision-making accuracy. The platform currently operates at a precision rate of 60-70% and aims to achieve 90% accuracy within the next six to nine months.
Atul Monga, CEO and Co-founder of BASIC Home Loan, emphasized the transformative potential of the new platform. “HOM-i will bring speed, clarity, and confidence to every stage of the housing loan journey,” said Monga. “Our vision is to make home financing faster, smarter, and more transparent for millions of Indians.” He further added, “HOM-i is set to accelerate India’s journey toward ‘Housing for All’ by making home loan approvals faster, smarter, and more transparent. By reimagining the mortgage experience with AI, we bring speed and certainty to every stage—from eligibility checks and project verification to choosing the right lender.” Monga also highlighted the company’s ongoing commitment: “Our commitment is to continuously enhance HOM-i. By collaborating closely with lenders and advisors, we aim to make homeownership seamless and accessible for millions of Indians.”
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BASIC Home Loan, founded in 2020 by Atul Monga and Kalyan Josyula and based in Gurugram, India, is dedicated to building India’s largest online mortgage brokerage. Its mission is to make home loans accessible to low- and middle-income households, particularly in Tier-2 and Tier-3 cities.
