Digitization Of Home Loans For Convenient Processing - Home Loan Blog - Tata Capital

Digitization of a Home Loan for More Convenient Processing

Mar 08, 2017

All parts of human life have been revolutionized by digitization, whether it's shopping, making travel plans, driving, banking or studying. Even the banking sector is not left untouched by the digitization. From transactions to loan applications and approvals, everything has become easier due to the digitization of the sector. The long and tedious process of getting a home loan approved by repeatedly visiting the lenders has become the thing of the past. Now things are more flexible and convenient since you can sit back in the comfortable confines of your couch and apply for a home loan and get it approved without any hassle.

While there is an increasing demand for availability of attractive home loan options, there is also a demand for convenience and speed. With the digitization of the home loan process, the industry is benefiting largely. While the customer is liberated because of the self servicing platforms to apply for a home loan, the lender is at ease of providing better customer services. The transactions done by self servicing customers are low value transactions and hence, are profitable for banks as well.

With digitization, timelines are reduced dramatically because of the faster online processing of home loans. Apart from the quick processing, customers also like the feel of doorstep services by lenders as they don't have to leave the comfort of their homes. If you are planning to apply for home loans, you can simply go to a lender's' website and fill out a form with all your financial and personal details.

On the website itself, there is a home loan EMI and home loan calculator that gives you an understanding of your repayments. You can stock up on all the information you require to apply for a home loan online by reading the instructions and details provided by the lender.

About a decade ago, this was impossible as you would have to visit the lender quite a few times, be it for information on home loans, application submission, document verification, loan disbursal formalities, repayment or others, and just the approval would take days. And now with digitization, the timeline from home loan application to approval has reduced to only a few hours. Automation and digitization of the home loan process has made a huge difference for consumers as well as lenders.