Real estate portal Square Yards on December 14 launched a mortgage option on its Square Connect mobile application through which brokers can offer home and other loans to clients at rates chosen from over 90 partner banks and NBFCs.
“Brokers will now be able to provide their clients with the best solution for loans, an important component in property purchase process in most the cases and earn higher commission for themselves as compared to what they would have earned by selling only property,” the company said in a statement.
“This will also help Square Capital, the mortgage arm of Square Yards, to achieve multi-fold growth in the current levels of facilitation of around Rs 300 crore disbursements every month,” it added.
The Square Connect division in the company was started in 2016 and lists large inventories of properties that can be marketed by channel partners from their mobile.
The application helps channel partners maintain a personalized account to track projects and loan transactions together with the client’s details, status and brokerage earned. It also helps them get free leads.
The division accounts for 15-20 percent of the real estate business of Square Yards which is now touching $30 million in revenues with $750 million in gross transactional value.
Square Capital facilitates about Rs 300 crore of loan disbursements every month with home loans and loans against property contributing around 75 percent of the overall volume.
