Square Yards has introduced a new mortgage option on its Square Connect Mobile App to assist the 25,000 brokers who are associated with it and to give them a scope of earning greater income. Through this new option, the brokers will be able to offer home loans and other kinds of loan to the clients at the best rates, selected from the best and chosen 90 bank partners and NBFCs to help in home purchase.
It has been perceived that there is a still a great deal of confusion when it comes to selecting the right home loans and first time home buyers are often overwhelmed when it comes to choosing the right lender from the huge number of banks and NBFCs operating in the market. Now, they will be able to get the desired assistance from the brokers themselves, who will be able to come up with the best solution for their clients and in turn, will also be able to earn a higher commission for themselves, which would be considerably greater than what they would have earned if they only sold the property. This will also go on to benefit Square Capital, the mortgage department of Square Yards and help it to grow, with Rs 300 crore disbursements each month as it currently stands.
Gone are the days when brokers only had word of mouth information for their clients. Now the brokers will be able to offer the most advanced software through Square Capitals and help their clients to navigate through the plethora of information and dealing with bank documentation. The technology will also enable in determining the accurate eligibility of the applicant which would be linked to credit bureaus and to the credit policies of various banks. It would also enable the applications to opt for e- KYC benefits through the integration with the NSDL and directly integrate with the loan originating system of the bank.
Tanuj Shori, the Co- Founder and CEO of Square Yards is hopeful that the new option in the app will help them to connect better with the channel partners and make the existing relationship stronger. He feels that brokers will be able to better supplement their income and home buyers will have greater flexibility during the home purchase procedure by being able to make a completely informed decision.
Moreover, the app helps the channel partners to maintain a personalized account to track the various projects and loan transactions as well. The client’s details, status and brokerage earned will remain confidential as well. The division now comprises the 15 to 20 percent of the real estate business of the Square Yards. Square capital has now become one of the largest distributors of secured mortgage industry in the country and this is a great achievement considering it was started just over 2 years ago. The Square Capital facilitates about Rs 300 crores of loan disbursements each month and rising.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.