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Thursday, September 3, 2009
Housing Development and
Finance Corporation (HDFC), the prime lender in the country to home seekers, has a loan automation system in place and all the lending activities of the company
are carried out through this system. "Our loan automation system is
an end-to-end solution, starting
with lead management to lead maturation, underwriting, disbursement, loan servicing
and closure of the loan. It covers
the entire loan life cycle - an
average loan life of 10 years to
a maximum of 30 years," says R. Arivazhagan, senior general manager, Information Technology, at HDFC.
"It is a fully integrated system, and what is significant is that it is
a home grown system and not a package we bought from vendors. We began work on it in 1990s as we found the need to automate loan processing in order to keep pace with the other automation processes that were happening
in the organization. We consciously opted out of going
for a package as such packages
would require extensive customization in order to meet
local requirements - basically legal.
We worked on a next generation system and it evolved over a period of time as we went on adding modules and functionalities as we grew. For example, in older days, there used to
be just one type of loans, that is, fixed rate loan. ow we have several, like variable rates, flexible rates, monthly rests, quarterly rests, etc. Similarly, earlier, there was no provision
for generating credit reports to credit information agencies. These agencies have started functioning we need to offer reports
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