1 Home Loan Application
This topic describes the structure of the home loan application, which captures information regarding the disbursement details, loan requirements, and the applicant's personal, employment, and financial information.
A home loan is a sum of money borrowed from a financial institution or bank to purchase a house. Individuals might also seek to take home loans for the purpose of constructing a house, to purchase land or even for home repair or renovation. A home loan is a secured loan in which the property or real estate is provided as collateral. The lender will hold the deed or title until the loan is paid in full.
The home loan application has been built so as to capture information pertaining to the property being purchased/renovated, loan requirements as well as basic personal, employment and financial information of the applicant.
The application form is OCR (Optical Character Recognition) enabled so as to save the applicant’s time and effort in filling out the application form. The inline document upload feature that is provided on various sections of the form, enables the applicant to upload supporting documents to have the specific section prefilled with information.
Online KYC of the prospect can also be conducted by means of liveness check or through integration with third party identity verification service providers. For more information, please refer User Manual Oracle Banking Digital Experience Originations - KYC Modes.
Once the applicant’s identity is verified successfully through online KYC, he/she will be able to proceed with the application form. The personal information section will also be prefilled with information as fetched on the basis of the identification provided.
Existing digital banking customers can simply provide their online banking credentials to log in to the system.
The application form also has the feature of QR code scan enablement which can be used to continue applications on mobile devices.
The application tracker has been built so as to enable tracking of the application once it has been submitted. The application tracker also enables the applicant to retrieve and complete an application that has been saved. Additionally, the applicant can view documents that have been uploaded as part of the application form and can also view details as defined in the application form in PDF format.
Note:
OBDX is integrated with Oracle KYC to fetch the applicant’s risk level (high risk or low risk) along with the reference number for the same as generated in the Oracle KYC system, at the time of application submission. OBDX will further send this information to the mid office system to be utilized as required.Following are the steps involved in the application submission:
- Product Selection: All the products belonging to the selected product category will be listed here. Each product will be listed as a separate card which will display the name and image of the product along with a short description, features and the options to view further details, or to apply for the product. The additional option to select the product so as to compare it with others within the same category will also be provided on each card. You can select a maximum of three products for comparison.
- Kick Off: This page serves as an introduction to the application form. You can also view the documents required to be uploaded as part of the application. As an applicant, you can identify how you are going to proceed with the application. If you are a new/unregistered user, you can continue as a guest, or if you are an existing online banking customer you can login with your online banking credentials to have your information pre-populated in the application.
- Mobile Verification: This step is applicable if you are filling out the application as a new/unregistered user. You will be instructed to enter your mobile number, after which the system will identify whether your mobile number is already registered with the bank or not. You will then be required to enter the OTP sent to this mobile number in order to proceed with the application form.
- Online KYC: Online KYC of the applicant can be done through any of the
following modes, depending on which mode has been enabled by the bank in the
Originations Workflow Maintenance screen available to bank administrators.
- Liveness Check – Selfie Capture
- (National) ID Verification
For more information on Online KYC and modes, please refer to the user manual User Manual Oracle Banking Digital Experience Originations - KYC Modes.
- Financial Profile: In this section, you can furnish details pertaining to your Income, Expense, Assets and Liabilities. This step will be part of the application form only if you have identified that you are currently employed by selecting the provided option on the disclaimer modal window.
- Loan Requirements: In this section, you are required to specify information related to the loan along with details of the property for which you wish to avail the loan.
- Disbursement & Repayment: In this section, you can specify details of the account in which the sanctioned loan amount is to be disbursed along with details of the account from which the regular loan repayments are to be made. This section will be part of the application form only in case the capture of disbursement and repayment information is mandatory for the product selected.
- Personal Information: This section captures information pertaining to your personal information which will include your full name, date of birth, address details, etc. You can opt to upload an identity proof document to have the information on this section pre-populated or you can alternately enter the required information manually.
- Employment Information: You can provide information pertaining to your employment, in this step. In addition to defining information of your primary employment, you can also furnish past employment details and/or other current employment details.
- Review and Submit: Once you have filled out all the information required in the education loan application form, you will be displayed this information on the review page. You can verify the details provided and if required, can edit the information in any sections by selecting the option provided against each section.
- Terms of Service: On having reviewed the application, you can then proceed to view the terms and conditions of the education loan you are applying for. You can also add a digital signature by means of uploading a document containing your signature or by physically signing the provided space if you are filling out the application from a touchscreen device.
- Confirmation: Once you have submitted your application after having reviewed it and having accepted the terms and conditions, a confirmation page will be displayed. This page will display a success message along with the application reference number. You can track your application on the basis of this reference number. Additionally, this page will also contain a button, by clicking on which you can navigate to the application tracker.
Apart from the Review and Submit and Confirmation steps, the sequence of the remaining steps may vary based on the configuration maintained for the product applications, by the bank.
To apply for a home loan:
- Home Loan - Product Listing
This topic describes the home loan products offered by the bank that can be applied for online, which are displayed on this page in a card format. - Home Loan - Product Details
This topic describes how to view product details. - Home Loan – Product Comparison
This topic describes the functionality that enables users to compare the features of up to three products within a specific product category. - Kick Off page
This describes the product application process that you need to fill out to apply for the product. - Mobile Verification
This topic describes the registration process for guest customers, enabling them to track submitted applications and retrieve abandoned applications. - Financial Profile
This topic describes the section where you can provide details pertaining to your income, expenses, assets, and liabilities. - Loan Requirements
This topic describes the section of the application form where applicants provide information about the home being purchased and the loan itself. - Disbursement & Repayment
This topic describes the section of the application form where you can specify the account for loan disbursement, following successful processing and sanction of your application. - Personal Information
This topic describes the section of the application form where you provide your personal information. - Employment Information
This topic describes the section where you can provide your employment details. - Review and Submit
This topic describes how to review and edit your application summary. - Terms of Service
This topic describes the terms and conditions associated with the product for which you are applying. - Submitted Application - Confirmation
This topic describes the confirmation page that appears after application submission. - Existing User
This topic describes the product application process for existing customers.