Home loans may soon be paperless

The Ministry of Electronics & Information Technology’s (MeitY) recent push to digitise several new types of contracts may soon make paperless home loans a reality, according to experts.

The conventional home loan application process is seen as tedious, with multiple visits to the branch. The documentation process also involves stacks of papers, such as third party agreements, home loan agreements, etc.

National E-governance Services (NESL) MD & CEO Debajyoti Ray Chaudhuri, speaking at the Indian Banks Association’s banking technology conference in Mumbai, said: “Recently, MeitY has issued a notification which allows home loans to be brought under the digital documentation category. We are still working on that, but that is now a distinct possibility. With vendor and supplier agreements being brought in, the possibilities are endless. I can visualise a situation when any contract can be available in demat form.”