SUPER ADVANTAGES OF DIGITALIZATION OF HOME LOANS

SUPER ADVANTAGES OF DIGITALIZATION OF HOME LOANS 

MoneyMindz.com India's First Free Online / On-call Financial Advisory

MoneyMindz.com India’s First Free Online / On-call Financial Advisory

You wanted to make a difference in your life and want a beautiful house under your belt. It is not about the money, but also the challenges that come with it. Many people in India want roof of their own on their head. However, very few people in India are blessed to have a permanent roof over their head.

Moneymindz is having financial advisers offering personalised financial guidance to its valuable customers in India.

Yes, Home loan is the gaining more importance in the coming years. Not so long, people used to carry all relevant documents, reach the bank, meet the bank officials and discuss the modalities of getting the home loans. 

Times have changed and the people have changed considerably in India. Home loans in India have changed and at present home loans can be accessed online fashion.

All the details relating to the finance is in your fingertips. Thanks to the entry of computers and invasion of internet, digitisation is enriching our day to day lives. Banking industry is not spared, and has been bitten by the bug of digitisation.

Pros of Digitisation In Home Loans:

Digitisation of the home loans in India comes with positive points:

Easier Banking: Imagine you are standing in the bank from morning and your turn to withdraw cash comes in the evening. It is very torturous and time consuming in nature. Not to worry, one can bank from any corner of the world, except when website is not working. Online facilities are present round the clock and summary of your account is also present. Customer can go ahead and do transactions like

èDeposit

èWithdrawals

èCheque book request

èStatements

èKnowing various home loan details

èChanging the address

èAdding subsidiary account holder

èKnowing the balance

èOther Modifications

 

Tactical Planning: Concept of digitisation has played a major role in encouraging lenders to draw new strategies in a logical manner.        They can determine your eligibility for home loans using various analytical tools and software.

E-KYC: Earlier we go to the bank and submit the KYC (Know Your Customer) documents in the bank. Now we can go to bank website and submit E-KYC (E-Know Your Customer) documents.

Paperless Transactions: The normal documentation is greatest disadvantage of the banking systems.  Digitisation is making processing of documents very easy. Furthermore, usage of paper can be avoided in the banking transactions.

Mobile Apps: Most of the banks are developing the mobile apps, for the people to known about home loans. One can browse through features of home loans and select suitable one.

Cons of Digitisation In Home Loans:

èNo proper communication taking place between the customers and bank.

èAll transaction related issues cannot be resolved and will have to go to bank to get solution.

èIdentify issue is the major one and if proper check is not there, serious threat to your bank account can take place.

èIf the bank server is down, then customer faces lot of problems.

èPerson, novice to online home loan facility will be at sea.

TO KNOW MORE ABOUT HOME LOAN AND INSURANCE:

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