Paperless Home Loan Update: If you are interested in taking a home loan and are troubled by the paperwork of banks, then there is good news for you. Soon after the initiative taken by the Ministry of Electronics and Information Technology, the concept of paperless home loan is going to turn into reality.
The hassle of documents in home loan in the traditional way
At present, a lot of documents have to be collected in order to take a home loan in the traditional way. Its application process is so complicated that many people do not get into the trouble of getting loans from banks. Many NBFCs take advantage of this, who offer to give home loans as soon as possible. But the customers have to pay a heavy price in the form of interest rate. But if the paperless home loan plan takes shape and you are eligible for paper based home loan, then you will not have to struggle much.
The MD and CEO of National e-Governance Services (NESL) Devjyoti Roychowdhury said during a program that recently the Ministry of Information and Technology has issued a notification, allowing home loan to be brought under the category of digital documentation. Is. He said that we are working on it right now, but there is a lot of potential in it. He said that I am able to see that there may be a contract available in demat format.
NESL provides the service of implementing digital documentation for banks. With this, agreements can be made through electronic means.
SBI is giving home loan through YONO
Banks have already taken many measures to simplify the process of taking a home loan. Their emphasis is more on home loan because it has a good collateral, due to which the risk on the loan given by them is very less. In this sequence, the exercise of making the loan process paperless is going on. State Bank of India has already created a separate loan portfolio and is claiming to provide home loans on few clicks through the bank’s mobile app YONO. SBI has started this portfolio with Rs 65,000 crore, but the bank’s chairman Dinesh Kumar Khara says this portfolio will cross Rs 1 lakh crore this year.