BASIC Home Loan, a fintech startup, has raised $3.5 million in its Series A round drove by Venture Catalysts (VCats) and Gruhas Proptech.

Earlsfield Capital and Good Capital, along with existing investor Picus Capital have also participated.

Established in 2020 by Atul Monga and Kalyan Josyula, BASIC Home Loan is developing a platform for automating home loans for center and low-income families in India. It aims to dispense over Rs 6,000 crore worth home loans throughout the following year and a half.

In its initial a year, it claims to have dispensed Rs 400 crore of loans in more than 15 urban areas. It plans to achieve a month to month loan disbursal run rate of Rs 200 crore and recruit in excess of 300 individuals by March 2022.

BASIC Home Loan has more than 25 bank partners on board at this moment. Nearly 25% of loans dispensed through it are with Pradhan Mantri Aawas Yojna applications and 30% for development of new housing units.