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There is a very thin line between a home loan, mortgage loan and a loan against a property when it comes to the Indian context.Home loansare essentially loans given by the bank for the purpose of acquiring a home or a residential property.Banks give the loan but the home or property is served as collateral to secure the loan.In case of non-payment or default, the bank can liquidate the property and get back its issued loan amount.Mortgage loansare loans in which the loan applicant is supposed to give a property or any security as mortgage.The mortgage can be land or assets like gold, securities, insurance etc.There are very few mortgage free loans, one example being personal loans. Most other loans require a mortgage or security to facilitate a loan request from the bank or NBFC (non-banking financial companies).The home loan is a type of mortgage loan.Loans Against PropertyThe loan is given against a property which is held as security.The loan can be against any property of the loan applicant and not necessarily against a residential property.It can be facilitated by mortgaging any property which stands in the name of the loan applicant.Here, the amount given as loan is irrespective of the purpose and can be used for any immediate financial requirements, unlike a home loan.You might also want to look at:Let's Talk Mortgage Loans7 Things We Bet You Didn’t Know About Your Home LoanLoan Against Property Vs. Personal LoanShort-Term Loans: How Do They Work?If you have any other Personal Finance queries, follow me, reach out and I'll be happy to answer them for you - Adhil Shetty (@adhilshetty) | Twitter

Loan Origination is the foremost and most crucial stage in loan servicing. With a renewed focus on customer engagement & satisfaction, lenders are concentrating on the elements of design & delivery that fulfil customers’ expectations first.The process differs for every lending company. All lenders are at liberty to choose a loan origination process that suits them, so they decide how it starts, the different stages that are involved within the process, and where it ends. The approval criteria differ for each loan type. Each company’s individual loan origination process is the secret sauce that makes them different from the rest of the players in the market.The process, when built to perfection, provides lenders with adequate insight across all stages of the journey. Improving the stages of loan origination can help players in the lending sector tap into uncaptured market segments. It also helps them win against the competition. Very often, loan origination practices involve the use of alternative data and send out SMS updates to customers to increase their chances of success.Explained below are the stages of the Loan Origination process:Step 1: Pre Qualification ProcessBeing the very first stage of the loan origination process, the pre-qualification stage has a distinct significance. Here, the potential borrower receives a list of all the items that are required to submit to the lender to get a loan. This may include documents like ID Proof / Address proof like Voter ID, AADHAR, PAN Card, current employment information including salary slip, credit scores, bank statement & previous loan statements. After the information is submitted by the borrower, loan underwriters review the documents. If everything is acceptable, a pre-approval is declared that allows the borrower to continue in the process of getting a loan.Stage 2: Loan ApplicationIn the second stage of the loan origination process, a borrower completes the loan application. The application procedure can be paper-based or electronically monitored depending on the choice of the lender. Most modern-day lenders are adopting new technologies that allow completing the application online through an easy to access website & mobile app. They then align the collected data to specific loan products they have on offer.Stage 3: Application ProcessingOn receiving a loan application, the credit department at the financial lending company reviews it for accuracy, genuineness & completeness. At this stage, if a loan assessment officer finds out that the required fields are not completed, they have the authority to return the application to the borrower or the credit analyst, so that they can reach out to the borrower to source the required missing information.Commercial lending companies count on loan management systems to accurately assess the creditworthiness of borrowers and even facilitate the easy processing and decisioning of loans.Stage 4: Underwriting ProcessThe underwriting process plays a key role in determining the fate of the loan application. Here, risk analysts evaluate the application against various criteria like credit score and repayment ability, among other things. Many financial lending companies have their own rules and processes for scoring that are guided by industry standards.The latest loan origination workflows use programmable rule engines & API integrations to make the process error-free and quick.Stage 5: Credit DecisioningCredit Decisioning is the phase where an application is approved, denied, or sent back to the originator for additional information, depending on the result of the underwriting process.Using an automated process for credit decisioning allows a degree of predictability in the process. Even if there are changes in the loan decisioning parameters such as interest rates or tenure, they can be implemented into the system without any significant delays.Stage 6: Quality CheckGiven the highly regulated lending environment in the country, a quality check is a vital aspect of the lending process. A typical loan application is sent to the quality control queue for auditing to ensure compliance with guidelines issued by the RBI. This helps banks and NBFCs avoid penalties and consumer lawsuits in case of a dispute.Stage 7: Loan FundingThe funding process begins once the official documents are signed. Any additional documents required for processing the loan or the need for a line of credit can sometimes delay the loan funding process from the lender’s end.ConclusionCompanies that use loan management systems can easily track funding and ensure that all the needed documents get executed before or together with funding. Lending companies rely on data analysis to take strategic decisions that have implications for their growth. They value their customers and thus welcome technology upgrades such as new-age loan origination software to ease the lending process on the whole.There is a need for businesses to leverage loan origination solutions that creates loyal customers. Business borrowers are spoilt for choice and can only we swayed with reasonable interest rates and prompt loan servicing. The technological advancements also benefit lenders by helping them make credit decisions more efficiently. They come well integrated with multiple collateral asset valuation guides and VIN checks, plus VIN check digit.Lenders can easily link the origination data to funding processes and the servicing module in real-time streamlining the process of loan disbursal and making instant loans a reality. Loan Origination Management solutions allow receipt of loan applications through multiple channels, touchpoints, and teams. Loan Origination software optimizes each stage of a borrower’s journey through the lending process.Regular loan status updates and speedy loan approvals help banks and NBFCs provide better service to consumers. Mobile apps and virtual branches have allowed unprecedented convenience for consumers across the spectrum. This has helped individuals and businesses benefit from competitive loan products and reduced operating costs for banks and NBFCs.

Yes I got 2.34 lacs through PMAY- Pradhan Mantri Awas Yojana. I booked a flat in Pune and applied for loan. Along with loan application I applied for PMAY.This process was done in 4–5 mnths, also it was hassle free and 2.34 lacs was deducted from my total loan amount, so my EMI also reduced by 1000 Rs monthly. So I got my 1st installment of 2.34 lacs out of 15 lacs through PMAY.We are very lucky to have PM like NAMO.