EASY launches FOXCARD to provide loans against property

By Leandra Monteiro

Easy Home Finance Limited (EASY), an Indian Mortgage Tech Company, announced the launch of Foxcard to provide flexible loan against property. Foxcard will enable users to seek equity against their own property through EASY’s app, which will be delivered to their doorstep. This will be an app-only application process.

Foxcard is a revolving credit limit against property product launched by the company since its inception. It is designed keeping in mind the middle-income group, living in the peri-urban tier 2/3/4 cities.

Speaking on the 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.”

Seeking personal loans has always been a tedious process. Customers are on a constant hunt for alternatives while looking for a loan, or equity against their own property. Lack of flexibility thus leads to distressed loan decisions which is not only expensive but also for a short duration with high EMI payments. However, this product is aimed to give a sense of financial freedom to the customers, while reducing their monetary burden and helping them fulfill their home, family, and business needs.

The eligibility criteria to be a Foxcard owner; 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.