The merger will target ICICI HFC’s expertise in Affordable Housing and the paperless processing of home loans through Easy (Easy Home Finance Limited) technology.
Mumbai: India’s leading mortgage tech company Easy Home Finance Limited (Easy) has agreed to disburse affordable home loans to ICICI Home Finance Company Limited (ICICI HFC), one of the leading Affordable Housing Finance companies in the country.
The agreement will use ICICI HFC’s expertise and easy tech capabilities in the Affordable Housing segment to enable faster disbursement of affordable home loans and make the dream home of millions of Indians a reality.
Easy is a pioneer in the mortgage tech space in the Indian subcontinent. On the other hand, ICICI HFC, one of the leading Affordable Housing Finance companies, offers a range of construction finance to regular home loans, affordable home loans, LAPs, micro LAPs, home improvement loans and developers.
Co-origination, underwriting and distribution operations by both parties will make the process easier for customers than buying a new home. Easy’s Neo Banking Mortgage Asset-Lite model and ICICI HFC’s rural-urban integration with digital home loans will help customers accelerate the home loan process.
Mr. Rohit Chokhani, Managing Director, Easy Home Finance Ltd., said, “Our long association with ICICI Home Finance is an important step towards providing affordable home loans and reaching more Indian homes.
We have embarked on this journey to offer effective paperwork, reasonable cost and easy home sans in the market. With the general goal of becoming more customer-centric and expanding our geographic reach, our goal is to make our customers’ homeownership journey easier, giving them an incredibly digital experience.
In addition, customers will now be able to take advantage of both the world’s best features – the trust and experience of ICICI HFC and Easy’s tech-focused offer. “
On this alliance, Mr. Aniruddha Kamani, Managing Director and CEO, ICICI Home Finance Company Ltd., said,
This connection will help us make our home buying experience easier for our clients and provide us with affordable home loans. We look forward to working with our common goal of establishing a long-term relationship with Easy Home Finance and supporting the dream of building for all. “
This connection will be beneficial to the customers in many ways, such as the long process of home loan and the hassle of paperwork.
Easy Home Finance Limited had earlier announced MaaS (Mortgage as a Service) with ESAF Bank and now the merger with ICICI Home Finance is the next step to grow and expand as India’s leading mortgage tech company.
All of this is only possible with Easy’s proprietary human rights technology platform Fox, which will use all of its partnerships. The company had earlier raised funds in its Series-A round from local private equity exponential capital as well as Harborfront Japan, FinSite VC, Rasa Future Fund, Nevida Capital Sweden and Intigra Software.