Amid the on going economic slowdown when the consumption of small ticket items have gone down substantially, the objective of the government is to boost consumption in the economy so that situation will start improving.

With the same objective, ahead of the festive season, retail borrowers will now be able to avail an in-principle approval for home loans within a short span of just 59 minutes. Starting from September, online portal ‘PSB loans in 59 Minutes’ is offering an in-principle approval for retail loans.

The facility can be availed through 19 public sector banks, including SBI, Punjab National Bank, Bank of Baroda, and Union Bank of India. The aim is to make the home loan approval process quick and hassle free. Launched in 2018, 'PSB Loans in 59 Minutes' used to grant quick loans to micro, small and medium enterprises.

Who all are eligible?

• Any salaried or self-employed individual can apply for the home loan of up to ₹10 crore. Salaried individual should have filed their income tax returns in ITR 1 or 2 as applicable.

• One must have bank statement of last six months. For businessman, self-employed or professionals, one needs to have their filed ITR 3 or 4 as applicable. You also need to submit e-statement of your bank account.

Documents required:

• One needs to upload last one year's income tax return documents. ITR 1,2 and 4 needs to be uploaded in PDF format and ITR 3 needs to be in XML format.

• If one has not filed ITR in the last one year, he/she can provide the details of their income on the portal. Bank statements of the last six months in PDF format are also required. Applicants also need to upload basic and employment details in order to avail the home loan.

How it works:

• Applicants need to visit the portal and register using his/her name, email ID and mobile number. Then an OTP will be generated to his/her mobile number.

• Mentioning that OTP, the borrower needs to register on ‘PSB Loans in 59 Minutes’ portal. Then, you need to select home loan option and upload the documents. The borrower can compare the amount, rate of interest and processing fees offered by various banks and select accordingly.

• Through the web portal, an applicant can get an in-principle approval in just 59 minutes.

• “Once an applicant uploads required information, the proprietary algorithms on the website appraise the application, determine the loan amount that can be sanctioned and then connect the applicant to the bank’s branch—all in under 59 minutes," the release said. Post in-principle approval, the loan is expected to be sanctioned/disbursed in 7-8 working days.