How Digital Lending Is Changing Home Loans: A Borrower’s Guide

The Rise of Digital Home Loans

• Stats:65% of home loans now initiated online (HDFC report).
• Key Players:PNB Housing, Bajaj Housing offer end-to-end digital apps.

Benefits of Digital Processing

1. Instant Approval– e-KYC + Aadhaar-based verification (<1 hour).
2. Lower Rates– Online lenders save 0.25–0.5% vs. traditional banks.
3. Tracker Loans– Interest rates adjust automatically with RBI repo rate.

PMAY 2024 Updates

• New Income Caps:₹18L/annum (urban), ₹12L/annum (rural).
• Subsidy:Up to ₹2.67L for first-time buyers.

Risks & Mitigation

• Fraud Alert:Fake apps mimicking banks.
• Solution:Verify lenders via RBI’s authorized list.

Pro Tip

Use Finnovations’ Bank/NBFC comparison tool to find your best rate.