HDFC Ltd on Tuesday launched a ‘Spot Offer’ on WhatsApp, to provide an in-principle home loan approval to home buyers within two minutes. This is a platform that will enable prospective borrowers to get an in-principle home loan approval instantly. The platform, built by HDFC and Cogno AI, will offer a conditional home loan approval in a couple of minutes.
Today over 91% of new loan applications received by the mortgage lender are through digital channels up from less than 20% before Covid-19 pandemic.
All that the users have to do is initiate a conversation on HDFC’s WhatsApp number (+91 9867000000) and provide some basic information in a few clicks through a guided conversational flow. On basis of the information keyed in by the customer, a provisional/conditional home loan offer letter is generated instantaneously.
The home loan spot offer facility can be availed 24×7. In addition to convenience, there is no ‘waiting time’ for the home loan approval letter. This facility is available to salaried resident Indians.
Speaking on the occasion, Renu Sud Karnad, managing director, HDFC Ltd, said, “We are happy to launch this innovative platform integrated with WhatsApp. This will facilitate prospective homebuyers in availing a loan to buy their dream home. We at HDFC have been focusing and investing on digital transformation for better customer experience and engagement. Demand for housing in India continues to remain extremely robust. Today, there is a strong desire to be a homeowner and demand for housing continues to be from both first-time homeowners as well as those moving up the property ladder – generally into larger homes. Affordability today is also better than ever and in India as income levels rise, we will see younger people being able to afford housing sooner in life.”
HDFC has launched a host of digitally-enabled services to help the customer conveniently manage their home loan account. HDFC is focused on an online digital platform for loans and retail deposits, and initiated ‘HDFC Customer Connect’ for all customer requests.