Launched on February 14, 2020, the LIC HFL Home Loans (HomY) App was envisioned under the digital transformation plan of on-boarding customers and sanctions through mobile.
Conceptualized as a completely digital solution to providing customers with the convenience of applying for home loans at their fingertips, the HomY App has served as an effective tool for both LICHFL and the customers during the pandemic and in a post-lockdown world.
Feature-rich and packed with one-click functions for applying for a loan, Home Loan EMI Calculator, tracking one’s loan application, and other LIC HFL products, the HomY App is truly a one-stop destination for all home loan needs. Available for download on both Android and iOS app stores, the HomY App has garnered more than a million downloads on Google Play Store and a further 17,681 on the Apple App Store since its launch a year ago.
Over this period, the HomY App has facilitated 14,155 customer home loan applications with ease and the added convenience of not visiting a physical branch for the application process. More than 7,300 of these customers have had their home loans sanctioned with 6,884 applications being disbursed amounting to Rs.1,331 crores so far.
“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. We are thrilled with the massive customer response received over the past year and aim to work towards the ultimate objective of organizing and automating every facet of customer interaction under Project RED,” said Y Viswanatha Gowd, MD and CEO of LIC Housing Finance, speaking on the occasion of the HomY App completing one year of operations.
“We believe that this will help us in delivering an elevated customer experience. Our rate of interest starts from a low of 6.90 percent for loans up to Rs 15 crore depending on CIBIL score. With these all-time low rates and quick turn around in sanctions, we are confident to increase our customer base, thus making our contribution to a more financially inclusive India,” Y Viswanatha Gowd added.