Tuesday, August 02, 2005

ICICI Homesearch

From home loans to homes, seems to be ICICIs facility named homesearch. (The funny thing is that it seems to exist on the website since 2001, but its only now that I have seen it in Bangalore in one of ICICIs branches). In the overheated (or well, high demand) Bangalore real estate market, it is often difficult to search for homes in a market that places a premium on the big names in the local market like Prestige, Puravankara, Mantri and Sobha. ICICI homesearch is a facility that helps potential loan seekers identify property within their budget.

ICICI homesearch is almost brokerage for new properties. It helps get smaller builders visibility while widening the market for ICICI's loans simultaneously. There is no service charge for new properties, but they charge a 2% for transactions on existing properties (second sale). If ICICI reduced this rate to a percent or less, they could well eat into the home brokerage market which is highly fragmented and unprofessional. The time is ripe for a professional brokerage firm to enter the market. ICICI homesearch in 2005 is perhaps a new beginning.


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