AI-Powered Assistant HOM-i Simplifies Home Loan Process in India

Applying for a home loan in India has traditionally been a time-consuming process, involving extensive paperwork and long waiting periods. Now, technology is set to transform this experience with the introduction of HOM-i, India’s first AI-powered home loan assistant, by mortgage fintech platform BASIC Home Loan.

HOM-i leverages artificial intelligence to match homebuyers with suitable lenders, offering instant credit checks, property evaluations, and personalised recommendations. Users can interact with the platform via text, voice, or video chat in over 30 Indian languages, including hybrid languages like Hinglish, making it accessible across urban and rural areas.

During its beta phase, HOM-i analysed more than 3 lakh customer profiles and 2 lakh property profiles, facilitating the sanction of Rs 30,000 crore in home loans. The AI assistant uses advanced machine learning models trained on 6 lakh call transcripts and 2 million minutes of advisor conversations, allowing it to handle complex cases with increasing accuracy.

Atul Monga, CEO and Co-founder of BASIC Home Loan, stated, “HOM-i will accelerate India’s journey toward ‘Housing for All’ by making home loan approvals faster, smarter, and more transparent.” The platform integrates data from over 100 lenders and 15,000 pre-approved lender-builder combinations, streamlining the entire home financing experience.

With a network of 20,000 agents across 650 districts and partnerships with over 100 financing companies, BASIC Home Loan processes more than $1 billion in applications monthly. HOM-i’s early access launch is scheduled for October, with a full-scale rollout in November, promising to benefit low- and middle-income households, particularly in tier-2 and tier-3 cities.