India is at the cusp of a digital revolution. The foresight of the Central Government in rolling out the Unique Identification Authority of India (UIDAI) to build a central KYC registry clubbed with the provision of e-signature, PAN verification and innovation driven by various fin tech companies is making lives easier for the common man looking to avail easy access to financial services.
Not only has this unique public infrastructure available in India facilitated paperless tax filing, digitally opening bank accounts using electronic KYC verification, transferring funds using just a mobile number but has stimulated many other pioneering initiatives.
In a latest, the second largest private housing finance company – piggybacking on the public infrastructure of AADHAR, e-KYC, digital signature, and e-verification – has rolled out the first ever e-home loan, wherein an end-to-end mortgage solution is being offered to home loan borrowers from the very comfort of their homes.
The revolutionary product offering of e-home loans by Indiabulls Housing Finance Limited (IBHFL), would eliminate the endless wait for home-loans sanctions and multiple visits to the financier to track the status of home loan disbursals. It is the first offering in the home-finance market to take the entire process of application to disbursal of home loans, online, thereby shortening the time borrowers spend on calling the dwelling unit their own home.
Elaborating on the need for e-home loans, Mr. GaganBanga, VC & MD of Indiabulls Housing Finance Limited stated, “Buying a home is most often a once in a life time experience. Making that experience memorable is our prerogative. A first of its kind, Indiabulls e-Home Loans will eliminate geographical boundaries, prolonged processes and tedious paperwork thus providing a quick, comfortable and transparent home loan experience.”
Customers, who hitherto needed a minimum of four days – including two days of collating information and paperwork – would now be able to get a home loan sanction in 6-8 working hours as a result of the revolutionary process launched by IBHFL. So, if one applies for a loan before heading to work, one would have the sanction before s/he heads back home for dinner.
Tracking disbursement and loan status become transparent with the e-home loans. So, if the builder has been incessantly calling for home loan disbursement and as a borrower, you had no answers, then the transparency of e-home loans would help you heave a sigh of relief. The company promises quicker disbursal of loans as soon as the property details are confirmed, provided all the other details and requirements are in order.
During yesteryears, a person would save for a lifetime and then buy a home. Today, age is no longer a barrier and home buyers are fairly young and want everything at their fingertips. Banga said while talking about e-Home Loans, “We are now prepared to cater to a growing demography of young, digital-savvy and futuristic customers who value time, convenience and speed of process above most offerings.”
Files no longer need to physically move even within a financier’s office.Centrally stored documents in the electronic form offer easy access to all the approving authorities of IBHFL’s credit team and eliminate the need for multiple scanning and photocopies thus reducing duplicity of work. Customers wouldn’t be bound by the branch through which they sought a loan even if they immigrate to a different location thanks to electronic Document Management System.
A leading fin tech company,Perfios Software Solutions Pvt. Ltd., is assisting IBHFL in retrieving read-only bank statements through a secured net-banking gateway, which is a quintessential step in offering e-home loans. Mr. V R Govindrajan, Co-Founder and Director, Perfios Software Solutions Pvt. Ltd. stated, “e-Home Loans is a path-breaking initiative by Indiabulls Housing Finance. Perfios, being a pioneering fin tech company and an industry leader in a variety of eVerification processes perfectly complements the need for quick, convenient and hassle-free systems as opposed to lengthy traditional processes. We are proud to be associated with such an industry-first initiative that will lead to a delighted end customer.”
Apart from the AADHAR database, IBHFL is powering its e-home loans using the PAN verification and e-KYC through retina verification facilitated by National Securities Depository Limited, digital signature provided Centre for Development through advanced computing or (C-DAC) and online security and encryption offered by Mcafee.
Here is a low-down on the seven quick steps involved in the end-to-end online application process of availing e-home loans. The IBHFL e-home loans process consists of three major stages – Application, Sanction & Disbursal.
Step 1: Customers can sign up for their personal e-home loan account. Here they need to enter personal, property, income and loan details, which has been made convenient by facilitating pre-filing using ‘AADHAR CARD’ number.
Step 2: E-sign the application through an OTP that is sent to their registered mobile number.
Step 3: Upload basic documents.
Step 4: Once you complete the application, the IBHFL team would kick start the customer verification process.
Step 5: IBHFL issues an official sanction letter online.
Step 6: Unless the official sanction is granted, the borrower need not pay any processing fee. At this stage, the customer will need to pay the ‘advance processing fee’ using the convenient online payment options.
Step 7: Confirm property and loan details and request for disbursement.
The lesser tech savvy too can avail the e-home loan with support from the IBHFL sales team. To integrate e-home loan process into its traditional business, IBHFL is equipping the sales team with ‘Samsung tabs’, enabled with retina identification feature for e-KYC through AADHAR.
Using digitization for customer convenience and transparency as well as slashing the turn-around time taken for disbursing home loans to half, IBHFL is now geared to service the needs and expectations of both today and tomorrow’s customer.It is also a giant leap aimed to protect Mother Nature.