ICICI Home Fin launches property search service

Our Bureau

Pune, Aug 10: ICICI Home Finance Ltd (ICICI HFC) launched ICICI Home Search, a property search service on Friday in Pune. While customers will be offered this service free of cost, builders will be charged a brokerage of 1.5 to 2 per cent for the property sold through this service. In the first phase, ICICI Home Search will focus on first sale builder properties. The service will then be extended to resale properties for both buyers and sellers of properties.

Launching the service, Madhabi Puri Buch, managing director, ICICI Home Finance Company Limited said, this was a stand-alone service and was not linked to the financing business. "Customers will be free to use our Home Search services and can opt for financing from anybody," she added. Though it is expected that after offering this service, the customer may continue the relationship and opt for home finance products from ICICI.

This one-stop shop for all real estate requirements targetting home buyers will be extended to major metros in the current financial year, Ms Puri Buch said. The company has set up a specialised property services group for this business.

ICICI has created a database of more than 3000 properties ranging from 1BHK to large bunglows in Pune. A matchmaking software has been developed to match buyer requirements with the listed properties. "The matchmaking engine is web-enabled and if required this business can be done on the Net," she said. Apart from access to a large database, ICICI Home will be offering site visits, pre- and post-purchase documentation advice and financial assistance for property purchase.

ICICI Home Search will be holding day-long exhibitions every fortnight of properties. "We will get into the resale properties segment in three to four months," Ms Puri Buch said. ICICI Home Search will also enter the lease rental market.