The offer is reserved for employees. Apart from the convenience, the platform will also provide the home loan approval letter instantly. Approval will be a firm commitment subject to the borrower providing all details correctly.
Due to back-end integration with various providers, including credit bureaus, a lot of borrower information will be accessible directly by HDFC. Borrower details will be generated and displayed based on the name entered. A key input for the borrower to enter is their gross monthly income and their current monthly obligations.
“The intention behind this is that before the buyer embarks on a house hunt, they have an idea of their borrowing limits. This is a tentative offer as it is based on self-declaration of income and obligations under which the loan is sanctioned,” said HDFC MD Renu Sud Karnad.
Previously, HDFC focused on an online digital platform for retail loans and deposits and launched “HDFC Customer Connect” for all customer enquiries. Today, more than 91% of new loan applications received are through digital channels, compared to less than 20% before the Covid pandemic.
“This is just the beginning of the journey. We intend to create additional features such as KYC verifications, fee payments and activation of disbursement requests and other communications that are currently carried out at the “help other channels. In short, anything that can be done online can be done through the WhatsApp channel in an easy way,” Karnad said.
The approval letter will contain the loan amount, loan term, interest rate, EMI and processing fee. Based on the PIN provided, the system will allow the borrower to select an office, and a loan expert will meet with the borrower for disbursement requirements. Existing borrowers will be able to avail services such as obtaining services of interest using the WhatsApp platform. According to Karnad, the WhatsApp chatbot will have “tremendous potential to contribute to financial inclusion in India”.