End-to-end digitisation of loan sanctions

Indiabulls Housing Finance (IBHFL) has launched an e-home loan service that would allow customers to avail of a home loan online. IBHFL has become the first mortgage company to complete an end-to-end digitisation of loan sanctions. A borrower can now digitally sign a loan proposal, submit documents electronically and get a sanction based on salary documents all from a computer or tablet.

The move is expected to increase productivity by 50 per cent without additional manpower.

The digital framework that has enabled paperless sanction of home loans includes Aadhar's eSignature and eKYC. The e-KYC facility can be completed using some models of a Samsung phone with iris camera or from the field agent's device. The company also uses Perfios - a software that goes through bank statements to verify the borrower's income claims and cash flows.

The digital initiative is a more transparent process as the borrower is always kept posted of the status of his application or any queries. The electronic version of the agreement is stored in the borrower's depository participant account with NSDL.