The overall mortgage industry in the last few years has been significantly decent in terms of growth. Though from the standpoint of technology various processes are still involved in a method of consumers to the branches and gets fully involved in the heap of the paperwork. There were a small number of companies who used technology for reducing the manual process but it is not so much successful up to a higher extent.
There is no end-to-end stage where a borrower or customer could sign a loan proposal digitally, put forward documents electronically and get an endorsement based on salary documents all from a computer. To fill up this gap there is an e-home loan platform which has been created after hard work of many specialists. Various prototypes were formed which was then presented in front of the management for getting their buy in.
How you can use this service?
The e-signing facility has been integrated by allowing the patrons to self attest their all documents by using the One Time Password (OTP) which is sent to their registered mobile number with Aadhar card. Additionally, E-sign is also being considered by the government for being a part of Sarfaesi Act. For this service the developer company do a partnership with a company named as Perfios Software Solutions. This company helps in recovering bank statements of loan candidates online. Hence, a person who applied for loan can visit the e-home loan website and make a choice of submitting bank statement online. In online option with one click the applicant can get access to visit the third party website which is Perfios. From the list of various banks you can choose your bank and login with their qualifications. The qualifications of applicants are kept for at least 6-10 seconds and then destroyed. During this time the bank statement is generated of last six months in e-form (electronic form). Therefore, an analysis is runs on the statement and develops a report of one page that is provided to you either for sanction or rejecting a request of loan which is based on various parameters. So, this analysis process usually takes approximately 10 hours but now it can be done in few minutes only.
The e-home loan service is comprises of tech features that makes the process convenient, quick and transparent. The entire idea of e-home loan service will bring the both lender and customer together for achieving a better results as well as removing various step along the way. The feature of e-signing has given the patrons the facility to sign documents electronically that they upload for the application of their home loan. In this a person who has Aadhar card can remotely self attest the documents and can upload them by using OTP. The developer of this service has done a partnership with CDAC (Centre for Development of Advanced Computing) for the entire process of uploading documents and getting OTP. Therefore, it is the first time that a finance player has executed this in its process.