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| Nugroho Dwi/Pixabay |
Today, the home buying process in India is fully digital if one chooses a capable, proptech-led brokerage or developer. The home loan or mortgage process however, is yet to catch up with online home sales. Why?
Technology is crucial to digitizing the mortgage process but what’s more important is effective coordination between different entities to facilitate the loan.
Lenders need to be able to connect with borrowers, credit bureaus, developers as well as other housing professionals, with ease. Currently most of these people work across different platforms, which is creating a fragmented mortgage ecosystem.
From automating the identification and verification processes to deploying artificial intelligence (AI) to convert data, lenders need advanced technologies to help them connect and close loans quickly.
How?
Fintech players that deliver several digital solutions to support the full life cycle of the customer’s homeownership journey are a step closer to big rewards and even bigger market shares.
Here's what fintech players consider as the apt digital mortgage workflow.
With end-to-end digital technologies, fintech can deliver a seamless customer experience from start to finish. From loan pre-qualification and approval to processing, closing, servicing and beyond, these powerful solutions can enhance the customer experience by enabling the ability to start the mortgage process anytime, from any device.
Pre Approve
The homebuyer's digital mortgage journey should begin with a complete data capture (e-KYC), and then an instant online check with credit bureaus to determine credit worthiness.
Shortlist And Approval
Digital Documentation
Post loan approval, homebuyers can view their loan status and any fee changes, review their closing package, and electronically sign important documents online to enable disbursals.
Post Disbursal
After the loan has been disbursed, homebuyers can use friendly online/mobile solution to review loan balances, make payments, lookup pre-payment options and explore other related services.
These operational efficiencies – clubbed with end-to-end digital capabilities that span the homeownership journey would also enable lenders and their teams to focus on new products and user experience, so they can recapture and retain more consumers.
Shortlist And Approval
Once prequalified and connected with the core mortgage portal, customers can access robust, user-friendly content related to mortgage products available on the market, narrow down to the ones that suit them best and seek formal approval online.
Digital Documentation
Post loan approval, homebuyers can view their loan status and any fee changes, review their closing package, and electronically sign important documents online to enable disbursals.
Post Disbursal
These operational efficiencies – clubbed with end-to-end digital capabilities that span the homeownership journey would also enable lenders and their teams to focus on new products and user experience, so they can recapture and retain more consumers.
The result? Ka-Ching!