Here’s to a year ending with access to Digitized Home Loans
The whole world is moving towards providing access to their products and services digitally. Recently, there has been one such improvement in the application of loan processes. The traditional process is complicated and involves extensive paperwork and the approval of loans is time-consuming.
According to an article published by Financial Express, ‘one of the biggest challenges that the housing sector in the country faces is the under-fulfilment of loan requirements by Tier II and Tier III cities. Thus, only a section of society is truly catered to by banks and financial institutions.’
“The traditional loan application process is tedious and involves intensive paperwork, and the disbursement of home loans takes a lot of time. However, digitizing home loans could potentially solve the issues.”
- Pramod Kathuria, Founder and CEO of Easiloan
In light of these issues, MeitY recently issued a notification to digitize several new types of contracts like mortgages and other property documents that will give a major push to paperless home loans.
7 significant reasons why MeitY’s move backs up digital documentation:
It is now possible to shift to fully online property transactions.
Modernization of procedures to cut costs in Real Estate and land record offices.
Title deeds and Sale agreements (digital) can be maintained as valid land records.
E-execution of agreements will become easier.
Fast and reliable disbursement of the loan electronically after necessary online verifications.
Faster and smoother loan recovery suits.
Future use cases such as natural language processing or blockchain technology.
Bottomline:
Digitization of home loans will invariably benefit borrowers. Availability of increased credit and loan availability will give the borrowers a sense of security and relief. We at Indiassetz, are welcoming this quicker and more efficient process to help our clients with availing home loans and keep their journey going…
Sources linked below:
Read more about the benefits of digitization of home loans for borrowers
Learn more about MeitY’s initiative on digitizing home loans