Axis Bank said it added an augmented reality-based feature on its Mobile App that will enable home seekers to search and locate properties which are pre-approved by the bank for financing.
Jagdeep Mallareddy, Head Retail Lending, Axis Bank, said, “The new augmented reality feature will help users to easily identify any property that is available in their preferred locality and apply for the home loan.”
Augmented reality refers to the overlay of extra information on ‘real’ pictures and videos, such as that from a live camera feed.
The feature, powered by the property site Magicbricks.com, offers home seekers options to choose from over 10,000 bank-approved properties, including new, resale and under construction projects across India.
Incorporated in the pre-login section of the Axis Bank Mobile App, the feature can be accessed by any individual who downloads the App.
Augmented Reality technology enables users to search and locate nearby properties on the go, in a 360 degree mode.
In addition to the search function, home seekers can also connect with the sellers and builders, check their eligibility and also apply for a home loan.
Sudhir Pai, CEO – Magicbricks.com, said: “This integration will make applying for loans to buy home and setting new milestones in both the real estate and banking industries.”
The new feature will be now available on Android and iOS platforms.
Axis Bank is the third largest private sector bank in India.
With its 3,106 domestic branches and 13,448 ATMs across the country, as on 30th September, the network of Axis Bank spreads across 1,920 cities and towns Pan- India.
The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai , Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK.