Now real estate loans online

agencyfaqs! News Bureau

NEW DELHI, October 24

With an eye on the emerging market for Internet-enabled loans, indiaproperties.com, has gone into an alliance with LIC Housing Finance Limited (LICHFL) and GIC Housing Finance Limited (GICHFL) to provide housing finance loan options through the Internet. To enforce its dominance, indiaproperties.com also announced its tie-up with COSMOS Bank, a leading private bank in Pune, to provide loan options to the consumers.

The company thus becomes the only real estate portal that provides consumers a wide choice of 10 large housing finance companies to apply for loans online. "Now consumers need not run around banks to find out various housing loan options. With indiaproperties.com, they can search for different loan options at the click of a mouse and apply online too. This will not only speed up the whole process of loan approval but also save time and money of the consumers," said Naresh Malkani, e-managing director, indiaproperties.com

Finance companies are looking at the networking advantages that such tie-ups provide. There is also a realisation that today technology is transforming the way business is conducted and that to win in the market, technological tie-ups are essential. "LICHFL is one of the largest housing finance companies in India with the widest network of offices. The tie-up with indiaproperties.com will help customers access lower interest rate loans from the company," said Kranti Sinha, managing director, LICHFL.

GICHFL's also plans to utilise its tie-up with indiaproperties.com to help customers in applying and accessing the lower interest rate loans that GICHFL is offering. This is how it works. Consumers visiting indiaproperties.com can choose from various housing finance options and submit online requisition to pre-approve themselves from these HFCs for a housing loan. indiaproperties.com has tied up with Citibank, The Associates, HSBC, ICICI, ANZ, CanFin Homes, COSMOS and Dewan Housing apart from LICHFL and GICHFL for housing loan options.

indiaproperties.com provides consumers with property listing services from over 170 cities across India. It has over 3,500 brokers listed on the portal who help consumers in property deals. indiaproperties.com has also introduced the Property Card, the only comparative tool in the real estate industry for choosing the right property quickly. It enables the consumer to shortlist, compare and store in memory, for future reference, properties that he likes during the search.

LICHFL is one of the largest housing finance companies in India promoted by Life Insurance Corporation of India, along with other financial institutions like UTI, IFCI, ICICI and GIC. LICHFL has a variety of housing finance schemes for Individuals like, Griha Prakash, Griha Lakshmi, Griha Tara, Griha Jyoti, Griha Shobha (for NRIs) and Griha Sudhar. It has also a scheme for financing purchase of plots allotted by statutory authorities. The maximum loan quantum available under individual loans is Rs 50 lakh.

Some of the unique features of loans from LICHFL are the existence of a collateral security in the form of an LIC policy, thorough title investigation by LICHFL prior to the sanction of loan allowing the highest loan repayment term of 20 years for resident Indians and 10 years for professional and executive categories of NRIs. These facilitate the borrower to be eligible for a higher loan quantum at lower repayment instalments.

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