How Digital Adoption By Valuation Fraternity Will Make Home-Buying Experience Seamless And Hassle-Free
With Ekta (the proposed one-India, one-software), IOV's objective is to empower valuation professionals and revolutionise the loan processing cycle by making valuation professionals “API ready”.
IOV (Institution of Valuers) signs a Strategic agreement with Evalo to offer a Made in India Digital Platform at an affordable price for its registered members.As India marches towards becoming a $5 trillion economy by 2025 and the mortgage loan to GDP ratio increases, the role of valuation professionals becomes crucial as they understand the digital divide and bridge the gap by playing a pivotal and indispensable role in assisting the growth and development. Currently, the mortgage loans in India is as low as 11 per cent of the GDP.
According to Institution of Valuers (IOV), a premier organisation of valuation professionals in the country, with the rise of digital technology, especially in the post-Covid era, many businesses and professions are evolving and valuation is no exception. There is vast potential for digital technology to transform the valuation profession as a whole.
Mr. Vinay Goel, Honorary General Secretary, IOV, informed that a Strategic agreement has been signed with Evalo to digitally transform its 31000 + members through an indigenously developed Software to overcome capacity constraints and also to facilitate data-driven research initiatives.
With Ekta (The proposed one-India one-software), IOV's objective is to empower valuation professionals and revolutionise the loan processing cycle by making valuation professionals “API ready”. This will eliminate the need for several manual processes thereby accelerating the whole loan processing cycle and overall growth across all 766 Indian Districts.
Sudhakar Vijayasarathy, Founder, Evalo, said that the Secured mortgage Loans should be easy and fast, but in reality, it takes an average of 35 to 45 days largely due to asynchronous, semi-automated, and isolated processes. To enhance the overall home buying experience, it is important to digitally integrate all market participants to enhance transparency, efficiency, and accessibility.
As a market leader in valuation software, his vision is to bring the mortgage processing time, to less than 2 days and make the home-buying process a seamless, hassle-free experience.
