Indiabulls Housing Finance has become the first mortgage company to complete an end-to-end digitisation of loan sanctions.
MUMBAI: Indiabulls Housing Finance has become the first mortgage company to complete an end-to-end digitisation of loan sanctions. What this means is that 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.
Indiabulls Housing Finance MD Gagan Banga said this was perhaps the first such initiative anywhere in the world. According to him, the move as expected to increase productivity by 50% without additional manpower. "The government has been taking initiatives on digital India. We have used the various components that have been put in place in the last year and half to come up with a solution that is end-to-end digital," said Banga. The digital framework that has enabled paperless sanction of home loans includes Aadhar's eSignature and eKYC. The eKYC 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.
According to Banga, 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.
Indiabulls expects to improve the efficiency of its sales force from two loans per month to three loans following digitisation. "Our projection is that staff requirement will peak this year and we will not have to hire more people," he added.