How digital adoption and transformation by valuation fraternity making home-buying a seamless and hassle-free process
The ambition to become a knowledge-based economy will get a thrust by the rapidly changing socio-economic scenario where digital transformation enabling greater formalisation of economic and promoting higher inclusion of rural India.
As India marches towards becoming a $5 trillion economy by 2025 and the mortgage loan to GDP ratio increases, the role of valuation professionals becomes crucial as they understand the digital divide and bridge the gap by playing a pivotal and indispensable role in assisting the growth and development. Currently, the mortgage loans in India is as low as 11 per cent of the GDP.
The ambition to become a knowledge-based economy will get a thrust by the rapidly changing socio-economic scenario where digital transformation enabling greater formalisation of economic and promoting higher inclusion of rural India.
According to Institution of Valuers (IOV), a premier organisation of valuation professionals in the country, with the rise of digital technology, especially in the post-Covid era, many businesses and professions are evolving and valuation is no exception. There is vast potential for digital technology to transform the valuation profession as a whole.
Vinay Goel, Honorary General Secretary, IOV, informed that the organisation has signed a strategic agreement with valuation software firm Evalo to offer an indigenous platform to provide valuers with new generation tools to enhance capacity and empower them with robust data and prepare to suit the needs of the country.
With Ekta (one-India one-software), IOV's objective is to empower valuation professionals and revolutionise the loan processing cycle by making valuation professionals API ready. This will eliminate the need for several manual processes thereby accelerating the whole loan processing cycle and overall growth.
Sudhakar Vijayasarathy, founder, Evalo, said that mortgages should be easy and fast, but the reality is that it takes an average of 35 to 45 days due to largely due asynchronous, semi-automated and isolated processes. To enhance the overall home buying experience it is important to digitally integrate all market participants to enhance transparency, efficiency and accessibility.
The vision, he said is to bring the mortgage processing time to less than 2 days and make the home-buying process a seamless hassle-free experience.
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