Mumbai, 2nd December 2021: As part of a larger initiative of driving digital transformation across all facets of its home loan business, LIC HFL has announced the inauguration of its remodelled Back Office in the largest metropolis in Northeastern India, Guwahati.
The digitized home loan journey is aimed to bring down the processing time for home loan aspirants besides improving customer convenience. LIC HFL will be at the forefront of serving customers in North-East India with minimum need of face to face interaction and physical visits to offices.
LICHFL kicked off its digital transformation in October 2020 through Project RED. Among the various initiatives rolled out so far, is the Company’s home loan solution mobile App ‘HomY’. Prospective home loan applicants can download the HomY App and apply online. More than 1 million downloads have been made so far and the Company has approved around Rs. 12000 Cr worth of loans received through the HomY app.
The processing at Guwahati Back Office will leverage the tools under Project RED in conjunction with ‘HomY’ App to ensure delivery of entire home loan service at customer’s doorstep. The existing customer base under Guwahati Back Office is approximately 17000 with an outstanding portfolio of more than Rs 2100 cr. Through digitisation it is envisaged to increase business in one of the fastest growing regions of the country.
Speaking on this momentous occasion, Shri. Y. Viswanatha Gowd, MD & CEO of LIC Housing Finance Limited stated, “In a rapidly transforming world customers are increasingly preferring digital transaction. Customers will get onboarded through HomY app and also be able to track the status. Our Guwahati Back Office will bring about a holistic digital transformation of the home loan journey swiftly for our customers.
The Back Office will reduce turnaround time thus, help us deliver a superlative customer experience. We will continue to expand our capabilities in order to bring to fruition our vision of ‘Home Delivery of Home Loan’ through the adoption of the latest technological trends. We are confident to improve our market share in this part of the country”.
About LIC Housing Finance
LIC Housing Finance Ltd is one of the largest housing finance companies in India having one of the widest networks of offices across the country and representative office at Dubai. In addition, the Company also distributes its products through branches of its subsidiary LICHFL Financial Services Ltd. LIC Housing Finance Ltd was promoted by Life Insurance Corporation in 1989 and a public issue was made in 1994. It launched its maiden GDR offering in 2004. The company enjoys the highest rating from CRISIL & CARE indicating highest safety about the ability to service interest and repay principal.
This news was shared to Prittle Prattle News via press release.
