NEW DELHI: Indians are not only buying TVs, phones and shoes online. After a consumer shopped for a Rs 6 crore house on Snapdeal earlier this year, Paisa Bazaar, an online destination for loans and credit cards, has closed what is believed to be the country’s largest home loan disbursal of Rs 5.68 crore.
The loan disbursed by HDFC (Housing Finance Development Corp) is for a 4 BHK flat in Mumbai’s BKCRustomjee area. It is the largest disbursal online till date on the platform since a Rs 5-crore disbursal for a mortgage loan made earlier this year.
The total value of the apartment is around Rs 9 crore. “We are seeing a spike in high-ticket loan cases on our platform,” said Naveen Kukreja, MD of Paisa Bazaar. The online portal, owned by Policy Bazaar, is backed by investors such as Tiger Capital, Temasek and Infoedge and has made disbursals of around Rs 250 crore during the last 45 days, which is close to Paytm’s Diwali sales from its e-tail business.
High-ticket cases (disbursals above Rs 1 crore) currently constitute 15% of the overall home loan cases at Paisa Bazaar.
“We are realizing HNIs (high-net-worth individuals) are becoming more comfortable shopping online for loans. In our conversations with them, they have communicated that they want to go deeper into products and understand them first-hand. This, we believe is stage one. Since they want minimum intrusion while making financial decisions, we expect more of them to turn online for all their personal finance needs,” said Kukreja.
The Rs 5-crore mortgage loan that was closed on Paisa Bazaar earlier this year was also disbursed by HDFC to Chennai-based Murli Gnanavel against his commercial property in Coimbatore. Ajay Sachdewa, national head — marketing at HDFC, said: “The strategic tie-up with Paisa Bazaar has helped us in augmenting our presence online and leveraging the digital channel more effectively.”
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