Distant Future Points to Easier Loans for Property in Mumbai

If things continue as is anticipated by some, buying property in Mumbai may become a far smoother process than it is today. Recent changes across banking platforms have made it far easier to obtain a loan. Though the loan amount dispersed via this new channel will currently be small, if more intelligent regulations are put in place it may make buying property in Mumbai and other cities far less troublesome. Banks now have a new channel through which they can push products to customers. In the recent future, banks will be able to sell insurance products as well as offer small loans to customers through their network of ATM’s.

Using new cutting edge Big Data technologies, banks are able to assess a customer’s requirements more and more accurately which allows them to pitch or rather push new products to its existing customers when the customers visit the bank’s ATM. As Big Data throws up a great deal of information, flats for sale in mumbai it is up to specialists to build a coherent picture from the data to understand what kind of financial product is appropriate for a customer. Although as yet being able to take a home loan from an ATM is definitely not under consideration, as more and more money is transacted digitally, such services could be provided at ATM’s. The trend of providing loans via ATM’s mentioned above is relevant only to the foreseeable future. In the more distant future should the need for such services arise customers may well be able to take a loan, large or small, depending upon the customer profile revealed by big data, simply by using their smartphone and having the money credited to their account within minutes.

It’s today unclear how much of the money in Indian rupees is paper based and how much is in digital form. However, the overwhelming amount of money used to transact business in India today is in paper form, while certain Scandinavian countries point to the future as they transact nearly 90 percent of their commerce using digital money. The trends, however, point that more and more money will exist in the digital form in India and that the amount of money circulating in paper form shall gradually diminish. real estate developers in mumbai If in the future it becomes possible to take a large home loan, for which the time in determining the need for a loan and the release of funds by a financial institution is only a few minutes, the economy shall deliver undreamt of efficiency. To reach such a high degree of efficiency shall also require vastly greater improvement in the big data technologies which allow banks to create an accurate

If such a transformation in buying and selling occurs, builders in Mumbai could enjoy the release of a corpus for a new project in Mumbai within a matter of days rather than as they do today when payments are made gradually over a period of a few months. Efficiencies such as these are a dream for many businesses as they can move and receive large sums of money within a matter of minutes. Being able to buy and sell apartments in Mumbai with such ease, in what in the future can be effectively regarded to be a cashless society will require giant leaps in Big Data and in Artificial Intelligence. Prices for flats in Mumbai are likely to be lower not higher as nearly everyone shall eventually be found suitable for at least a modest loan and speculators may find diminished prospects for increasing wealth. Artificial Intelligence shall play a key role in the prerogative to decide which individuals are eligible for loans and the size of the loan as well.