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NEW DELHI: Mortgage lender HDFC Ltd. has launched a first-of-its-kind ‘Spot Offer’ on WhatsApp, to provide an in-principle home loan approval to buyers within 2 minutes.

This facility is available to salaried resident Indians, said the firm.

HDFC in association with Cogno AI has developed the solution that is built on the WhatsApp Business Platform to offer a conditional home loan approval in a couple of minutes. Users have to initiate a conversation on HDFC’s WhatsApp number (+91 98670 00000) and provide some basic information, in a few clicks through a guided conversational flow. On basis of the information provided, a provisional/conditional home loan offer letter is generated instantaneously. The home loan spot offer facility can be availed 24x7. 

Renu Sud Karnad, managing director, HDFC, said, “This will facilitate prospective homebuyers in availing a loan to buy their dream home. We at HDFC have been focusing and investing on digital transformation for better customer experience and engagement. Demand for housing in India continues to remain extremely robust. Today, there a strong desire to be a homeowner and demand for housing continues to be from both, first-time homeowners as well as those moving up the property ladder – generally into larger homes. Affordability today is also better than ever and in India as income levels rise, we will see younger people being able to afford housing sooner in life."

HDFC’s ‘spot offer’ is built on the WhatsApp Business Platform, an enterprise solution that allows businesses to communicate with new and existing customers on WhatsApp in a simple, 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 such as WhatsApp to improve customer experience. With WhatsApp Business Platform brands can build customised solutions that helps them meet their target audience where they want to be met and within an interface that they are familiar with. We are excited about the opportunities that HDFC’s new WhatsApp chatbot will unlock for consumers. Such innovations have immense potential to contribute towards financial inclusion in India."

HDFC has launched a host of digitally enabled services to help customers manage their home loan accounts. Today, over 91% of new loan applications are received through digital channels, up from less than 20% before the pandemic. In the housing finance space, HDFC was the first institution to lay emphasis on online loan processing during the lockdown. HDFC’s thrust on digital initiatives and inherent demand for housing has been instrumental in achieving the milestone of approving retail home loans of over 2 lakh crore in FY22, the highest ever in a financial year, said the firm.

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