personal finance

Home loan applications take the digital route: Here’s what you need to know


The on-going pandemic has altered several narratives. As work-from-home culture has become a way of life, people are increasingly focusing on savings and asset formation. In times of the novel Coronavirus, mobility is expected to be lesser than usual. Pre-pandemic, owning a home was not absolute as most individuals could job and city hop at their convenience. However, the situation has changed and how! People have realised the significance of having a home. This has also been backed by the need for ample space to continue with daily routines while maintaining social distance. And this is the time when individuals can consider stepping up to their home ownership plan. Home loan rates in India are at a 15-year low, and this is an opportune time for even upping the investment game.

However, the conventional home loan application process is also seen as tedious, with multiple visits to the branch. But now people need not step out of their homes in these times to go through the whole process of
applying for a home loan
. Financial institutions like PNB Housing Finance have read the room and introduced a user-friendly online platform. It empowers people to apply online for their home loan. Here’s why this works:

  • The process involves minimal physical contact
  • It is easy and convenient with all documentation being digital backed by the sales team’s end-to-end guidance
  • It also offers video-based KYC including geo-tagging that further secures the whole process
  • The platform involves OTP verification, which adds another layer of safety to the process
  • Consumers also get tenure options of up to 30 years to pay off their loan
  • They also don’t have to incur any pre-payment charges
  • Customers can get loans that cover up to 90% of the entire property price



PNB Housing Finance’s
digital platform
spells convenience and safety for customers. The on-boarding home loan process is automated completely encompassing detail collection and verification.

  • The customer fills out the online application form.
  • Following this, the KYC and income documents are uploaded
  • An online processing fee needs to be paid along with e-signing the application form and then the submission
  • Home loan approval is done digitally without any physical contact
  • A dedicated team will also be available to assist in case of any hindrances in the online loan application journey.

PNB Housing Finance’s contact-less offering facilitates quick loan decisioning with automated and real-time flow of information to consumers at every stage of the process. While consumers can contemplate their home purchase plans with ease now, there is another addition to this home loan process. With an online home application, consumers stand a chance to win vouchers up to Rs. 10,000.

This pandemic has made financial institutions re-think their offering and strategy. This paradigm shift has inspired lenders to underwrite better as the world is starting to take to a digital-first life in an in-depth fashion. It has given them a perspective into how they can operate, leveraging technology to further bridge distances, and bring in offerings that ensure contactless customer services.





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