Polaris launches ‘HomeLoanNow’

BANGALORE: Chennai based Polaris Software Lab’s BankWare division has

launched "HomeLoanNow", a solution for mortgage life cycle management

and it integrates loan origination, processing, accounting, management,

collections and securitization.

HomeLoanNow allows Indian Housing Finance Companies (HFC) 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 or house loans,

or no payments during Diwali month. These flexibilities allow banks and HFCs to

provide offerings that are way ahead of what are currently being offered through

solutions which are typically generalized installment loans avatars and don’t

give an integrated view of Mortgage life cycle.

Polaris Software Lab CMD Arun Jain said, "BankWare and Polaris

recognised 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. 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".

BankWare’s business head and senior vice president, Rajiv Malhotra, added,

"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 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, he said. "Additionally, it enables HFCs and

Banks to track sold loans and facilitates the process of Securitization of the

portfolio."

The solution is targeted at Housing Finance Companies, Banks, and Financial

Institutions in India and overseas.