Government's push to digitise loan documents will aid paperless lending for home loans
In a massive move towards making home loans paperless, the government recently enabled digitisation of several types of contracts and property documents. On the back of digitalisation across various lending products and innovation in the FinTech lending sector, this is yet another positive move from the Ministry of Electronics and Information Technology.
Several important documents such as credit scores and borrowers' data have already been digitised which has made the system more transparent than before. Now, this push to digitise loan documents has the potential to aid paperless lending for home loans.
This translates into a tremendous opportunity for Easiloan. Interestingly, the FinTech platform already processes the entire loan application digitally by facilitating the uploading and fetching of documents online through several APIs (Application programming interface). Add to this the government’s impetus towards paperless processes, end-to-end digitalisation of home loans is no longer a distant dream.
Pioneering the digital drive in this sector, Easiloan has been offering a fully-digital frontend to banks for home loan lead sourcing, onboarding and credit appraisal. This makes selection and application for loans extremely easy and fast for customers. For developers, Easiloan is a one-stop banking solution and offers loan solutions for buyers, project APF and a variety of value adds to boost sales and retention of bookings. They have serviced over 3,000 successful loan cases and sanctioned nearly Rs 1,500 crore worth of loans. Easiloan currently works with over 20 top banks and housing finance companies in the market including SBI, HDFC, ICICI Bank, LIC, Axis Bank, Bajaj Housing Finance, Tata Capital, PNB HF to name a few.
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