NEW DELHI: Mortgage lender HDFC Ltd. launched a first-of-its-kind “one-time offer” on WhatsApp, to provide home loan approval in principle to buyers in 2 minutes.
This facility is available to salaried resident Indians, the firm said.
HDFC, in association with Cogno AI, developed the solution based on the WhatsApp business platform to offer conditional home loan approval in minutes. Users need to initiate a conversation on HDFC’s WhatsApp number (+91 98670 00000) and provide some basic information, with just a few clicks through a guided conversation flow. Based on the information provided, an interim/conditional home loan offer letter is generated instantly. The home loan offering facility can be used 24/7.
Renu Sud Karnad, Managing Director of HDFC, said: “This will help potential buyers to qualify for a loan to buy their dream home. At HDFC, we focus and invest in digital transformation for better customer experience and better engagement. Housing demand in India remains extremely robust. Today, there is a strong desire to own and housing demand continues to come from both first-time homeowners and those moving up the ownership ladder – typically in larger homes. Affordability today is also better than ever and in India, as income levels rise, we will see young people being able to afford housing earlier in life.”
HDFC’s “one-time offer” is based on WhatsApp Business Platform, an enterprise solution that enables businesses to communicate with new and existing customers on WhatsApp in an easy, secure and reliable way.
Abhijit Bose, Head of WhatsApp India, said, “The way people and businesses interact is changing rapidly and brands are increasingly turning to simple and scalable platforms like WhatsApp to improve customer experience. With WhatsApp Business Platform, brands can create personalized solutions that help them reach their target audience where they want to be met and in an interface that is familiar to them. We are excited about the opportunities HDFC’s new WhatsApp chatbot will unlock for consumers. Such innovations have immense potential to contribute to financial inclusion in India.”
HDFC has launched a host of digital services to help customers manage their home loan accounts. Today, more than 91% of new loan applications are received through digital channels, compared to less than 20% before the pandemic. In housing finance, HDFC was the first institution to focus on processing loans online during the lockdown. HDFC’s focus on digital initiatives and the inherent demand for housing has been instrumental in achieving the milestone of retail home loan approvals of over ₹2 lakh crore in FY22, the highest on record in a fiscal year, the company said.