BASIC Home Loan Launches HOM-i, India’s First AI Home Loan Assistant | Business News

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BASIC Home Loan unveiled HOM-i, India’s first AI-powered home loan assistant platform that delivers instant housing decisions by matching homebuyers with suitable lenders.

Designed for modern Indian homebuyers, HOM-i offers instant credit checks, property evaluations, APF status tracking, and personalized lender recommendations through an intuitive AI interface. Users can interact with HOM-i via text, voice or video chat in multiple Indian languages, making expert assistance available anytime, anywhere.

HOM-i is built on extensive real-world data gathered during the beta phase. The platform has analyzed over 3 lakh customer profiles and 2 lakh property profiles, leading to Rs 30,000 crore in sanctioned loans. Through the process it was also able to identify key rejection patterns that are now helping both borrowers and lenders improve application outcomes.

The platform model has been trained on a dataset comprising over 6 lakh call transcripts, 2 million minutes of advisor conversations and 1 million digital interactions. This has enabled HOM-i to understand borrower behavior, preferences and pain points.

It also integrates credit and product data from 100+ lenders and incorporates 15,000+ pre-approved lender-builder project combinations, streamlining financing for homebuyers.

Before its early access launch in October and full-scale rollout in November, 700 BASIC Home Loan advisors will provide 2 million minutes of human-led training to enhance HOM-i’s decision-making capabilities. The platform is already achieving 60-70% accuracy, with a target of reaching 90% precision in 6 to 9 months.

“We believe Hom-i will accelerate India’s journey toward ‘Housing for All’ by making home loan approvals faster, smarter, and more transparent,” said Atul Monga, CEO& Co-Founder, BASIC Home Loan.

“By reimagining the mortgage experience with AI, we are bringing speed and certainty to every stage of the home loan application process – be it checking eligibility, verifying project approvals, or choosing the right lender,” he added.

Unlike traditional rule-based engines, HOM-i leverages both quantitative and qualitative parameters, enabling it to handle policy deviations and complex loan cases. Developed in-house, its LLM-powered AI model supports 30+ Indian languages, including hybrid languages like Hinglish, ensuring accessibility for Bharat.

Future versions of HOM-i will integrate land records, registry offices, and municipal databases, enabling instant property ownership verification, eliminating paperwork and delays. AI-powered property valuation will further ensure fair pricing for both homebuyers and lenders.

“Our commitment is to continuously evolve HOM-i. By working closely with our lending and advisor partners, we aim to enhance our efficiency while making homeownership more seamless and accessible for millions of Indians,” added Monga.

About BASIC Home Loan

BASIC Home Loan is on a mission to help India achieve its ‘Housing for All’ ambition. Founded in 2020, the company is building India’s largest online brokerage for mortgages, making home loans accessible through doorstep fulfillment for low-middle-income households in tier-2 and -3 cities.

Today, BASIC has a network of 20000+ agents, a presence in 650 districts, and 100+ financing partners. The company processes loan applications worth over $1 billion every month.