HDFC Limited launched a ‘spot offer’ on WhatsApp on Tuesday, giving home buyers a policy home loan approval within two minutes. It is a platform that will enable potential borrowers to instantly get approval for a policy home loan. The platform, built by HDFC and Cogno AI, will approve a conditional home loan in minutes.
Today, more than 91% of new loan applications received by mortgage lenders have been through digital channels, down from 20% before the Covid-19 epidemic.
All users have to do is start a conversation on HDFC’s WhatsApp number (+91 9867000000) and provide some basic information in a few clicks through a guided conversation stream. Based on the information provided by the customer, a temporary / conditional home loan offer letter is created immediately.
Home loan spot offer facility is available 24 × 7. In addition to the benefits, there is no ‘waiting time’ for a home loan approval letter. This facility is available for salaried resident Indians.
Speaking on the occasion, Renu Sood Karnad, Managing Director, HDFC Ltd., said, “We are delighted to launch this innovative platform integrated with WhatsApp. This will help potential home buyers to get a loan to buy their dream home. At HDFC we are focusing and investing in digital conversions for a better customer experience and engagement. The demand for housing in India has remained extremely strong. Today, there is a strong desire to own a home, and demand for housing continues from both first-time homeowners as well as those who are climbing the property stairs – usually larger houses. Purchasing power is also better today than ever before and with rising incomes in India, we see young people will soon be able to afford housing. ”
HDFC has launched a host of digitally-enabled services to help customers manage their home loan accounts more efficiently. HDFC focuses on an online digital platform for loans and retail deposits and has launched ‘HDFC Customer Connection’ for all customer requests.