Digital and business innovations raising HNB’S Home Loan customers to new heights
Sri Lanka today faces a wider spectrum of challenges than it has ever had to face in the past, however a nation is only as successful as its people, and to achieve this goal, we must first ensure that as many citizens as possible are provided the tools they need to meet their aspirations. As the continuing urbanisation of our nation puts increasing pressure on real estate demand, one of the most pressing challenges we must address is with regard to bridging the gap between the urgent need for increased housing units.
Currently, it is estimated that Sri Lanka needs a half a million more homes constructed in the next 5 years in order to meet rising demand – from which the condominium sector is expected to contribute 10,000 units in the next 5 years – excluding the new Port City project.
THE VITAL ROLE OF TECHNOLOGY IN OPTIMISING ACCESS TO HOME LOANS
Offering a smooth and hasslefree loan process, the HNB Home Loans have been perfected by the bank for over 22 years in the Sri Lankan market and today is considered to be one of the most sought-after lending products available in the domestic banking industry.
With the integration of some of the most sophisticated analytics systems in the island into HNB’S operations over recent years, we have made exponential improvements in our ability to service a wider array of customers, while actually enhancing personalisation of service. This has been made possible by major investments into technology aimed not just at making our operations more efficient, but also more intuitive, and intelligent.
We have also radically streamlined the process of applying for a HNB Home loan, cutting down processing time to just 3 days. In this manner, HNB is leveraging technology at an unprecedented level, and the payoff can be seen in the growth ratio that the bank has maintained.
TECHNOLOGY THAT ENHANCES - NOT REPLACES – THE HUMAN ELEMENT
While the integration of technology with these fundamental services is invaluable, it’s very important that we don’t overlook all the advantages of keeping the human element alive in decision-making.
This is why our value proposition to Home Loan customers is not focused solely on technology. Instead, we aim to support our enhancements to operational efficiency which ensures that our customers are provided with the most convenient, and rapid path to building their dream home.
A STRATEGY THAT IS FOCUSED ON VALUE ADDITION
In addition to achieving service and operational excellence as a means of accelerating access to housing financial services, HNB has also focused extensively on value additions to the Home Loan product.
That is why HNB also offers Home Loans customers comprehensive support on obtaining documentation which is delivered to the client’s doorstep. This includes everything from researching and registering the title at the land registry in which aproperty issituated, as well as doorstep mortgage advisory services.
Additionally, we have also provided a repayment period that stretches up to a maximum of 25years, beyond the 15-20 year period allowed by most banks.this is because our enhanced understanding of our customers enables HNB to provide customers with the maximum space with which to discharge their obligations.
HNB’S stature also plays a major role in the value we are able to offer. Leveraging our powerful reputation as Sri Lanka’s largest and most successful private banking group, HNB has successfully entered in to tripartite agreements with well over 100 of Sri Lanka’s leading property projects in order to provide a wider selection with a well spread range.
Further, based on customer requirement and also depending on the period it takes for the completion of the construction, either your residence or condominium project, HNB is prepared to offer an extensive grace period up to 5 years. This is a unique opportunity for the applicant to adjust to his cash flow during the difficult times of the construction. This is also an opportunity for an investor whose capital will not be utilized for the repayment.
Another distinct advantage with HNB is the flexible interest rate option offered by the Bank. Apart from the traditional fixed term and floating rate option, HNB now offers a mix of fixed and floating rate options during the tenure of the loan where customers will choose based on the prevailing rates in the market.
Another unique feature is the mortgage advisory service which was introduced as first of its kind service in Sri Lanka to advise the potential Home Loan customers and investors. Well educated and updated mortgagead visory team will advise the customers with variety of options available in the market along with different investment options to suit their income pattern.
HNB’S value-added services are rounded out by its pioneering Home Loan - Loyalty Card programme that gives customers access to exclusive discounts on construction materials, roofing, tiles, fittings, furniture, accessories, gardening supplies, equipment and much more, sourced from over 100 of Sri Lanka’s most respected and reliable dealerships.
BRINGING EVERY SRI LANKA’S DREAM HOME WITHIN REACH
In 2018, despite tight liquidity conditions, major uncertainty, and the continuing increases in property prices, HNB was still able to increase its home loans portfolio significantly. This alone speaks to the power and potential of HNB’S hybrid strategy of advanced technology matched with sincere, and committed partnerships with individuals. But perhaps the best proof we have so far, is the more than 20,000 dream homes which HNB Home Loans helped make a reality over the past years.
That is why HNB also offers Home Loans customers comprehensive support on obtaining documentation which is delivered to the client’s doorstep. This includes everything from researching and registering the titleat the land registry in which aproperty issituated, aswell as doorstep mortgage advisory services.