The traditional home loan application process is seen as tedious due to frequent visits to the branch. The documentation process also involves stacks of papers, such as third party agreements, home loan agreements, etc.
National e-Governance Services (NeslSpeaking at the Indian Banks’ Association’s Banking Technology Conclave in Mumbai on Saturday, MD and CEO Debajyoti Ray Chowdhury said: “Recently, MeitY has issued a notification allowing home loans to be brought under the digital documentation category . We are still working on it. That, but now it is a distinct possibility. With the seller and supplier agreement being done, the possibilities are endless. I can imagine a situation when any contract is available in demat form. Maybe.”
NESL provides a digital documentation execution service for banks which enables contracts to be created electronically. Bankers also expect a dramatic increase in digital lending in the coming years.
India’s largest bank, the state Bank of India The bank’s mobile app YONO has already built a loan portfolio of Rs 65,000 crore by enabling customers to borrow with a few clicks. We expect our portfolio to cross Rs 1 lakh crore this year. Apart from this, in-principle approval for car loan, gold loan and home loan is being provided online. State Bank Of India The Times of India quoted chairman Dinesh Khara as saying.