Bankware launches HomeLoanNow

BankWare, a division of Chennai-based Polaris Software Lab, has launched HomeLoanNow, an integrated end to end solution for housing loan companies and mortgage institutions. HomeLoanNow facilitates mortgage life cycle management and integrates loan origination, processing, accounting, management, collections and

securitization.

HomeLoanNow allows HFCs and banks to offer flexible products on the fly with features like : floating interest rates mapped to internal primes; principle moratorium till possession of flat/house loans; or no payments during Diwali month.

"BankWare and Polaris recognized the need for a comprehensive solution which incorporated international best practices. Homeloans is one of the highest growth sectors in the coming years in Asian markets. There is a gap in delivering end to end Home loan product which caters to customer understanding on one side and complexity of handling transactions over a long period of time. Home loan is just the right product for growth oriented banks and Financial Institutions having basic value of perfect delivery to their esteemed homeloan customers," said Arun Jain, CMD, Polaris Software Lab.

"HomeLoanNow has some very unique features. Unique to this product is the module which allows for tracking developer/ builder projects and their financing wherein the loan disbursement can be tailor-made to suit various type of projects. The product is highly parameterized and simple to use allowing the user to define various options including multiple disbursement; variable interest rate plans and has an integrated workflow engine which can track various parallel processes like title search; property valuations and Insurance etc for closure prior to the disbursal of the loan. Additionally, it goes beyond the realm of offering a loans product and enables HFCs and Banks to track sold loans and facilitates the process of Securitization of the portfolio, a market which is evolving now in India with more players taking interest in housing finance either directly or indirectly through participation certificates," said Rajiv Malhotra, Business Head & Senior Vice President, BankWare.