Easy Home Finance Limited (EASY), a mortgage tech firm, has introduced the launch of a card that clients can use to get a versatile mortgage in opposition to property.
Named Foxcard, this one-of-a-kind card will allow customers to hunt fairness in opposition to their very own property by means of EASY’s app, which will probably be delivered to their doorstep, the corporate mentioned in a press release. It additional mentioned that this will probably be an app-only software course of.
With the launch of this new product, EASY goals to realize a dwell buyer base of about 15,000 card clients over the following 6-8 quarters.
Foxcard is a revolving credit score restrict in opposition to property product launched by the corporate, retaining in thoughts the middle-income group, residing within the peri-urban tier 2/3/4 cities.
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Commenting on launch, Rohit Chokhani, Managing Director, EASY mentioned, “With the launch of FOX Card, we are trying to address the very evident need-gap in the market. The need for a product that brings down one’s monthly payments and prolongs the time period was apparent.”
“With our FOX card, an individual will have full flexibility of utilizing revolving equity against their property without paying unnecessary costs on excessive equity. It is aimed to benefit our existing and new customers which will help them pay EMIs only for the amount utilized, and not the entire sanctioned amount of the loan. We will also ensure that there are no pre-payment penalties,” he added.
Eligibility
The buyer ought to have an current owned property, and the applicant must obtain the EASY app, or stroll into any of their storefronts throughout 50 cities to avail a Foxcard.
Source: www.financialexpress.com”