In a move that could
improve its flow of housing loans business, SBI (State Bank of India) is
putting in place an online sanction process which allows the bank to
instantaneously approve loan amounts by linking its portal with CIBIL (Credit
Information Bureau of India)
The SBI is in the
process of appointing service providers who will put in place systems that will
enable automated processing of the home loan applications by verifying the
information submitted online with CIBIL's database.
Home Loan Approved by
System..!
After the home loan
is approved by the system, the borrower will have to get supporting documents
& get the property cleared. The online application process will be
available to borrowers who wish to refinance their loans.
According to a senior official of the bank, "It will
take a while for the system to be in place but once that is done it will be
able to verify most of the records online. Once the home loan is approved, it
will be mapped to the nearest office based on PIN code for disbursement,"
While the home loan approval will be
instantaneous, the borrower would still have to get the property cleared.
The bank official
also said, "SBI loans are the
cheapest in India and there is no reason why borrowers should go to another
lender. The online application system will make it easier for borrowers who are
tentative about getting their home loans being approved ,"
.Mr. Pratip
Chaudhuri, Chairman, SBI, said, ''Our home loan disbursements doubled to Rs.
150 crore a day after the bank cut rates in October, 2012. The bank charges 10
per cent on loans up to Rs. 30 lakh and 10.15 per cent on loans above Rs. 30
lakh."
CIBIL officials said, ''Many foreign bankd and
private banks had put in place automated processing systems for consumer
durable finance, credit cards & personal loans. But this was the first time
that it was being done for housing loans. Besides confirming information of
borrowers' income and indebtedness, banks are able to confirm PAN details by
connecting to NSDL servers."
Recently, Standard
Chartered introduced a solution where a digital application was given
in-principle approval in five (5) minutes. The loan would be disbursed after
the borrower completing KYC documentation.
Src: TOI
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