Retail Loan Process – Housing Loan

Overview

Newgen’s comprehensive loan origination solution based on a low-code platform comes with pre-configured, industry-standard digital lending journeys for home loans, which can be tailored to meet the specific needs of the bank. It can automate the entire home loan origination process, ensuring a fully digital experience for both new and existing customers.

Key Features

• Completely Automated Journey- Streamline process right from customer identification to verification, underwriting, and disbursements across multiple channels. Capture a comprehensive profile of the applicant, including Internal liabilities and assets, income, and expenditures.
• Instant Document Generation- Generate pre-qualification documents, CAM (Credit Appraisal Memo), sanction letter, and disbursement letter, which can be downloaded and shared with the customer instantly. Allow instant customer consent by capturing the E-signature of the customer via digital process.
• Financial Evaluation- Examines financial records, including bank statements, pay slips, Income Tax Returns (ITR), and Profit and Loss (P&L) statements. Extend home loans for land purchase, house construction, expansion, or renovation. Provide access to services from certified lawyers and appraisers for property authentication and verification.
• Automated Underwriting- Uses rule engine-based internal scoring and conducts a comprehensive application analysis to determine the maximum allowable bank financing. Generate various kinds of repayment/amortization schedules for the entire loan tenure as per the requirement.
• Collateral Management- Capture complete collateral information, conduct deduplication checks, and assess cross-collateralization. Facilitate home loan eligibility for real estate properties and projects endorsed by the bank.