Project Overview
Client: Basobaas
Service Provided: Feature Development (Home Loan EMI Calculator)
Industry: Real Estate
Project Timeline: 2 Weeks
Problem Statement
Financing is crucial to property buyers’ decisions in the real estate business. Basobaas is revolutionizing property transactions by offering a secure, all-in-one platform for buying, selling, and renting real estate effortlessly. So, to simplify the home buying process, our client wanted to help users better understand their financial commitments before finalizing property deals by introducing a Home Loan EMI Calculator.
We collaborated with Basobaas and developed and integrated a Home Loan EMI Calculator tool into their platform, giving users real-time, self-service financial planning at their fingertips.
The Challenge
Basobaas provided users with a comprehensive platform with well-designed property listings, an easy-to-use interface, a navigation system, and agent connections. However, they identified a critical gap in their user journey and decided to focus on low-hanging opportunities that could further enhance their platform.
- Lack of financial planning tools: Users had no access to reliable tools to calculate their monthly home loan installments.
- High drop-off rate: Website users abandoned the process mid-way due to uncertainty around the cost of owning land and building.
- Dependence on external calculators: Users had to rely on third-party EMI calculators, leading to lower user engagement and a poor user experience of the website.
Addressing The Challenge: Our Solution
Our expert professionals designed and developed a custom Home Loan EMI calculator tailored specifically for Basobaas users.
The tool is developed based on the logical formula for calculating estimated monthly repayments, especially for a home loan. The key features of the solutions are as follows:
- User-Friendly Interface: A simple, responsive design solution to optimize for mobile and desktop users.
- Dynamic Calculation: Real-time EMI results based on user inputs for:
- Property Price
- Loan Amount
- Down Payment
- Interest Rate
- Loan Tenure
- Pre-filled Recommendations: Smart suggestions for common interest rates and tenures to reduce user friction.
- Interactive Graphs and Breakdown: Visualization of principal vs. interest payments over the loan period.
- Seamless Integration: Embedded directly into the property detail pages and tools section without disrupting the platform flow.
The EMI calculator tool page also provides details regarding the loan tenure and rate of interest of different commercial banks, so that the users can refer to their metrics for their home loan calculation. Furthermore, prospective property buyers can provide their details to get additional support from the Basobaas client servicing team to process their home loan.
Adding these additional elements to the page has significantly helped to improve the page engagement and generate leads for Basobaas.
Design Approach
We had previously redesigned Basobaas’ website, so our approach was to ensure that the tool aligned with their brand aesthetics and user experience goals.
- Minimalistic Layout: Prioritized clarity and accessibility
- Brand Consistency: Matched the colors, fonts, and button styles with the website’s visual identity.
- Progressive Enhancement: The tool loads efficiently even on low-speed connections, critical for mobile-first markets.
Wireframes and clickable prototypes go through a thorough review and approval in iterative cycles to ensure the final product exceeds expectations.
The Impact
Basobaas saw some remarkable improvements in KPIs such as user engagement and conversion metrics after the launch of new feature.
The calculator tool reduced the bounce rate on the property page by 20% and increased the property inquiry conversion rate by 15%, based on performance data collected over 45 days post-launch. Additionally, user engagement increased from 3 minutes to 5 minutes.
Along with home buyers, sales agents also leveraged the tool during discussions, speeding up the negotiation and closing process. It significantly reduced dependence on external financial tools, improving Basobaas’s ecosystem stickiness.
Focusing on Basobaas’s EMI calculator, we attempted to bridge the gap between property browsing and buying decision-making. The result is a series of improvements in the user experience that directly impacted the platform engagement and conversions.
