Business
From Phygital Models To AI Scores: The Future Of Home Lending In Tier 2 & 3 Cities
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Atul Monga of BASIC Home Loan highlights how fintech, local agents, and partnerships are making home loans more accessible in Bharat’s smaller towns.
In smaller towns, one of the main challenges is that a lot of people don’t have formal income proof or a credit history.
Home loan accessibility in India has long been a challenge, especially beyond metro cities. While urban borrowers often have easier access to credit thanks to formal incomes and established credit histories, millions in Tier 2 and Tier 3 cities continue to face hurdles ranging from lack of awareness to documentation gaps. With the rise of fintechs, local partnerships, and technology-driven solutions, the landscape is gradually shifting.
In this interaction, Atul Monga – CEO & Co-Founder, BASIC Home Loan, shares insights on the biggest challenges, innovations, and the road ahead for making homeownership more inclusive across Bharat.
1- What are some of the biggest challenges in making home loans accessible in smaller towns and cities?
In smaller towns, one of the main challenges is that a lot of people don’t have formal income proof or a credit history. Additionally, financial literacy tends to be lower, which can confuse the loan process. Lack of awareness about loan eligibility, benefits, and the application process often leads to consumer inertia, and many borrowers simply don’t take the first step. Additionally, things like inconsistent documentation, limited lending options, and the need for physical verification of the property further create more friction.
Today, banks and fintech companies are attempting to address this scenario in various ways. The solution lies in a phygital approach, which brings together digital tools and a strong network of local agents. These agents work directly with customers, guiding them step-by-step, building trust, and making sure even those with limited financial paperwork can navigate the process smoothly.
2- What are some of the challenges that people and lenders face when it comes to Last Mile Connect?
Last Mile Connect in home lending can be quite challenging, especially in smaller towns. The digital infrastructure is still developing in many areas, which means things like poor internet access, patchy documentation, and low financial awareness can make it hard for lenders to accurately assess a borrower’s profile or risk level.
Many borrowers feel unsure about navigating the process online without any personal guidance. There’s also a fear of fraud, and the cumbersome paperwork involved can feel overwhelming. Without someone local to assist, even well-intentioned or eligible borrowers often drop off halfway through.
The good news is that things are gradually improving now, thanks to steady advancements in fintech and digital infrastructure that are making loans more inclusive and accessible than ever before.
3- How are fintechs helping people with informal incomes or no credit history get access to home loans?
Fintechs have made home loans more accessible for people without formal incomes or credit history. Traditionally, lenders relied heavily on salary slips and credit scores to determine the borrower’s creditworthiness, but this leaves out a major chunk of the population, especially from the informal sector.
Now, with the help of technology, we are able to look beyond such traditional indicators. By using alternative data like bank transaction patterns, utility bill payments, and digital footprints, we can create a reliable credit tracking system for people who don’t fit the conventional mold.
4- What are the common concerns or roadblocks that first-time homebuyers in unreserved areas usually face?
First-time homebuyers in unreserved or semi-urban areas often struggle with unclear or incomplete property titles, which can create legal complications and make it difficult to get a loan approved. Many of these areas also lack RERA-approved projects, which adds another layer of risk for both buyers and lenders.
There’s often limited awareness about how home loans work, what’s required, how interest rates are structured, or what documents are needed. Another common hurdle is that property values in these regions tend to be modest, but lenders may still have high minimum loan amounts, making it harder for buyers to qualify.
Lenders, Fintechs like BASIC Home Loan, and local real estate developers are working together to bridge the gap and create more accessible loan products, streamline documentation, and guide homebuyers through the process. This collective effort would certainly help unlock home ownership for a segment that has long been underserved.
5- Why is local presence important like field agents or developer tie-ups, important in driving home loan adoption beyond metro areas?
Local presence plays an important role when it comes to building trust, especially in the heartland of Bharat, where digital-only models still feel distant or unfamiliar. For many first-time borrowers, human interaction still matters, and this is where the field agents come in. They don’t just help with the paperwork, but also build confidence, address consumer concerns and guide them through every step of the journey.
Developer tie-ups are equally important. When we work with trusted local builders, we can ensure that the properties are already verified and pre-approved for financing, which significantly reduces the loan process. Which is why we have partnered with real estate developers to offer curated property options and faster loan turnarounds to customers.
6- How are strategic partnerships between lenders, fintech platforms, and HFCs unlocking housing loan access in India’s Tier 2 and Tier 3 cities?
Strategic partnerships are at the heart of expanding home loan access, especially in India’s smaller cities. By working together, fintechs, lenders, and HFCs will be able to bring speed, flexibility, and trust to markets that have long been underserved, thereby making home ownership a more realistic goal for millions across Bharat.
7- What are some innovations or changes you see coming that could make home buying easier and more inclusive across India?
Homebuying in India is witnessing crucial transformations, especially outside the metros. Digitised property records, e-KYC, and geo-tagging of properties are already beginning to ease long-standing verification bottlenecks.
AI-led credit scores will further open doors for borrowers with informal incomes or limited credit backgrounds. Embedded finance options, where home loans are integrated directly into real estate platforms, can further make the process seamless for borrowers.
The future of home ownership in India will be shaped by a combination of hyperlocal support and smart, scalable technology. It’s about bringing the same ease of access and trust that metros enjoy to Tier 2, Tier 3 cities, and eventually to every corner of Bharat.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
August 31, 2025, 16:38 IST
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Business
Inside Bengaluru Billionaire Nikhil Kamath’s 7,000-Sq-Ft Home, Hidden In The Posh Corner Of The City
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Kamath’s 7,000-square-foot home in one of Bengaluru’s most exclusive apartment buildings, gives a glimpse into how India’s young billionaires live
From Kamath’s apartment, the city stretches out in every direction, offering views of Bengaluru’s skyline that are both relaxing and inspiring.
In the busy city of Bengaluru, known for its tech hubs and start-ups, one name stands out – Nikhil Kamath. He is the co-founder of Zerodha, one of India’s most successful online brokerage firms. Starting in his 20s, Kamath built his business into a giant in the finance world, making him one of India’s youngest billionaires. As of 2025, Forbes estimates his net worth at around $2.5 billion.
But it’s not just his wealth that grabs attention. Kamath’s 7,000-square-foot home in Kingfisher Towers, one of Bengaluru’s most exclusive apartment buildings, gives a glimpse into how India’s young billionaires live. The apartment is a mix of comfort, style, and quiet luxury, showing that Kamath enjoys the finer things without needing to be flashy.
Bengaluru’s Poshest Neighborhood
Kingfisher Towers is a 34-storey luxury building in central Bengaluru, home to some of the city’s wealthiest residents. From Kamath’s apartment, the city stretches out in every direction, offering views of Bengaluru’s skyline that are both relaxing and inspiring. Living here means being in the middle of the action while enjoying privacy and security.
Elegant Interiors
Inside, the apartment is decorated in calm, neutral colours like white, beige, and soft greys. Wooden touches and modern art pieces give the home a warm and stylish feel. The living room, for example, is both elegant and inviting, perfect for relaxing or entertaining friends and family.
A Balcony Made for Relaxation
One of the home’s standout features is the balcony. With a wooden deck, a small canopy bed, candle stands, and plenty of plants, it’s the ideal place to enjoy a cup of tea, read a book, or take in the city view. It’s a quiet corner that contrasts with the hustle and bustle of Bengaluru’s streets below.
Rooms That Feel Special
The bedrooms match the rest of the apartment in style and comfort. One bedroom has a canopy bed on a wooden floor and floral wall prints that add a personal touch. Floor-to-ceiling windows let in sunlight and offer sweeping city views, making every morning feel bright and calm.
A Home That Reflects His Journey
Kamath’s home isn’t just about space or luxury, it reflects his journey as a self-made billionaire. He built Zerodha with his brother Nitin Kamath in 2010, creating a platform that now serves millions of active users across India. His wealth also comes from other investments, including True Beacon and various asset management ventures.
The 7,000-square-foot apartment in Kingfisher Towers shows that Kamath values comfort, elegance, and practicality. It’s a place designed to unwind after long days of running one of India’s largest brokerage firms. For many, it’s inspiring to see how a young entrepreneur can achieve so much and create a home that reflects both success and personal style.
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Business
Fare relief move: Air India waives change, cancellation fees on domestic bookings after IndiGo disruption – The Times of India
Five days after widespread flight disruptions triggered by IndiGo cancellations, Tata Group-owned Air India on Saturday announced a special waiver on change and cancellation charges for eligible domestic bookings, aiming to offer relief to affected travellers, PTI reported.The airline said customers who booked tickets on Air India or its subsidiary Air India Express on or before December 4 for travel up to December 15 can make a one-time change or cancellation without paying the usual fee, provided the request is made by December 8, 2025. In case of rescheduling, any fare difference will still be applicable.
Under the waiver, passengers can either reschedule their journeys to a later date within the validity of the purchased ticket without paying rescheduling charges or cancel their bookings and receive a full refund, with no cancellation fee applied, the airline said.Air India also said it, along with Air India Express, has “proactively” capped economy-class airfares on non-stop domestic routes from December 4 to prevent price spikes driven by automated demand-supply algorithms. The carriers are also in the process of ensuring compliance with the latest directive issued by the Civil Aviation Ministry on airfare caps.
Business
IndiGo cancellations: How to track flight & refund status online; step-by-step guide – The Times of India
IndiGo flight cancellations latest news: IndiGo has said that it expects to operate more than 1500 flights by day’s end on Saturday, having restored over 95% of network connectivity by serving 135 out of 138 operational destinations. IndiGo typically operates 2300 flights daily. IndiGo has said that its personnel are working to normalise operations, minimise flight delays and assist passengers during this challenging period.IndiGo operated merely 700 flights on Friday, indicating 1,600 flight cancellations. IndiGo’s CEO Pieter Elbers acknowledged the extensive cancellations, confirming “over 1,000 flights” were cancelled on Friday.
The airline recorded the largest number of flight cancellations by an Indian carrier in the nation’s aviation history. Additionally, IndiGo’s on-time-performance plummeted to 3.7 per cent on Friday due to operational disruptions caused by the implementation of new pilot duty and rest period regulations, according to the Civil Aviation Ministry website.Starting November 1, the second phase of these regulations redefined night hours from 12am-6am, altered from the previous 12am-5am, and reduced permitted night landings from six to two. These changes affect all domestic airlines in India.The Gurugram-based carrier IndiGo, partly owned by Rahul Bhatia, has obtained temporary relief from DGCA, allowing them to revert to the previous night duty definition of 12am to 5am and permitting pilots to perform six night landings.“Addressing the recent disruptions in our network, we had cancelled a significant number of flights and operated little above 700 flights yesterday connecting 113 destinations. The main objective was to reboot the network, systems, and rosters so that we could start afresh today with a higher number of flights, improved stability, and there are some early signs of improvement. While we understand that we have a long way to go, we are committed to build back the trust of our customers….We apologise once again,” the airline said in a statement today.
How To Track IndiGo Flight Status ?
If you are planning to fly on an IndiGo flight over the next few days, it is important to check the flight status before heading to the airport. Here is a step-by-step guide to check IndiGo flight status:1. Go to goindigo.in/check-flight-status.html 2. Enter your PNR details and travel date, click on search flight to get the latest flight status
How To Track IndiGo Refund Status ?
The airline issued a statement confirming that it is handling all passenger refund requests with urgency.Here is a step-by-step guide how you can track your refund status on the IndiGo website:1. Go to goindigo.in/refund.html2. Enter PNR details — enter your PNR / booking reference number and your Email ID or last name.3. Click to view the “Refund Summary.” This will show you the current status of your refund — whether it’s still processing, completed, etc.According to the civil aviation ministry’s directive, all refunds for cancelled or disrupted flights must be processed by 8 pm on Sunday. The ministry has said, “Airlines have also been instructed not to levy any rescheduling charges for passengers whose travel plans were affected by cancellations.”The ministry has directed IndiGo to establish dedicated units for passenger assistance and refund processing.The statement noted, “These cells have been tasked to proactively contact affected passengers and ensure that refunds and alternative travel arrangements are processed without the need for multiple follow-ups. The system of automatic refunds will remain active until operations stabilise completely.”Additionally, the ministry has mandated that the airline must locate and return any misplaced luggage resulting from flight cancellations or delays to passengers within 48 hours.
Airfares capped
The aviation ministry has issued a two-page directive implementing fare restrictions due to capacity limitations and unjustified price increases across various routes. The civil aviation ministry’s order clarifies that business class and UDAN flights are exempt from these fare restrictions.The directive lacks specificity regarding the application of these limits to economy class tickets exclusively or their extension to premium economy seats as well.The prescribed fare structure sets maximum limits of Rs 7,500 for flights covering distances up to 500 kilometres, Rs 12,000 for 500-1,000 kilometres, Rs 15,000 for 1,000-1,500 kilometres, and Rs 18,000 for flights exceeding 1,500 kilometres.For illustration, on the Delhi-Mumbai route spanning over 1,300 kilometres, economy class fares cannot exceed Rs 18,000.The ministry’s statement indicates these restrictions will remain effective until conditions normalise.These caps exclude additional costs such as User Development Fee (UDF), Passenger Service Fee (PSF), and air ticket taxes.
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