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LIC Housing Finance disburses Rs 1,331Cr of home loans via mobile app

LIC Housing Finance on Friday said it has disbursed Rs 1,331 crore worth of loans through its mobile banking app in the last year.

It said the ‘HomY’ app facilitated 14,155 customer home loan applications since its launch on February 14, 2020.

More than 7,300 of these customers have had their home loans sanctioned. Of these, loans were disbursed to 6,884 customers, amounting to Rs 1,331 crore so far, it said in a release.

“We are thrilled with the massive customer response received over the past year, and aim to work towards the ultimate objective of organising and automating every facet of customer interaction under Project RED (Reimagining Excellence through Digital transformation),” LIC Housing Finance MD and CEO Y Viswanatha Gowd said.

The lender’s rate of interest starts from a low of 6.90 percent for loans up to Rs 15 crore, depending on the CIBIL score.

The HomY app was launched last year in line with India’s digital transformation goal. The mobile app is aimed at becoming a one-stop destination for all home loan needs. According to media reports, the app has seen over one million downloads on Google Play Store, and 17,681 on the Apple App Store since its launch.

The application allows the customers to get a better idea about the loan amount using the Home Loan EMI Calculator. It also allows them to apply for loans with just one click. The app also helps users track their loan application and other LIC HFL products.

According to LIC HFL, the HomY app has also proved to be an effective tool during the pandemic, and in the post-lockdown world.

“When we started on our digitisation journey with Project RED, we expected to bring transformational changes to our operations in order to deepen customer engagement and adopt best-in-class technology to enhance the lending experience. The HomY app falls under this umbrella of Project RED, and is a superlative example of LIC HFL’s rapid end-to-end digitisation journey,” Viswanatha added.

(Disclaimer: Additional background information has been added to this PTI copy for context)

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