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Online approval of home loans by SBI

1 Comment Sub Category:Mumbai,Realty News Posted On: Jan 02, 2013

State Bank of India (SBI) has planned to speed up the home loan approval process by making it online. Now, the national bank will approve the loan amount online by linking it with Credit Information Bureau of India (Cibil).

For doing so, the bank is thinking of finalising the service providers who will enable the processing of the loan applications. The processing will be verified with the information provided by the user which is stored online in Cibil’s database. After the approval of the loan, the borrower has to get the property cleared after submitting supporting documents.

According to a senior official of the bank, the process will take a while to settle down but once it is done, it will be able to verify most of the records online. The official also said that home loans will get approved but the borrower would still have to get the property cleared.

With the new online application system in place, it will be easier for the borrowers to get their loans approved. According to the Chairman of SBI, Pratip Chaudhuri, home loan transactions have gone up twice Rs 150 crore a day after the bank cut rates in October.

Furthermore, Cibil officials reported that this is the first time this automated processing system is in place for home loans besides consumer durable finance, credit cards and personal loans.

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