Easy Home Finance Limited (EASY), a mortgage tech company, has announced the launch of a card that customers can use to get a flexible loan against property.
Named Foxcard, this one-of-a-kind card will enable users to seek equity against their own property through EASY’s app, which will be delivered to their doorstep, the company said in a statement. It further said that this will be an app-only application process.
With the launch of this new product, EASY aims to achieve a live customer base of about 15,000 card customers over the next 6-8 quarters.
Foxcard is a revolving credit limit against property product launched by the company, keeping in mind the middle-income group, living in the peri-urban tier 2/3/4 cities.
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Commenting on launch, Rohit Chokhani, Managing Director, EASY said, “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.
The customer should have an existing owned property, and the applicant needs to download the EASY app, or walk into any of their storefronts across 50 towns to avail a Foxcard.