Will Blockchain Radically Change the Sorry State of the Real Estate Industry?

Buying a property has never been an easy task. To purchase a new home, one has to visit the plot multiple times, sign property documents, and pay the seller, often by cheque. This requires time and patience as the process can become quite complicated. However, blockchain technology is changing all of this.

When it was first introduced, blockchain was used to provide genuine ownership details and exchange online information without the need for intermediaries/brokers. It has developed into a more powerful tool since then. Today, blockchain is even being used to record real estate transactions. This not only saves time and secures processes, but also legitimizes the transaction.

Blockchain technology is introducing new methods of sharing and owning properties. More and more blockchain start-ups companies are further developing the technology to increase its benefits, which, in turn, is changing the real estate industry for the better. Explained ahead are reasons how blockchain will prove beneficial to the real estate industry.

• Smoother transactions

It has become a common practice to buy a new property without availing the services of agents. Moreover, it has also become possible to get a home loan through digital means without any hassles. In some countries, even cryptocurrency is used for purchasing real estate. However, the way blockchain technology is advancing, it will soon allow the transfer of conventional currency. This will make the entire process of buying property fast and secure.

• Transparency in property ownership

Owning a home in India requires you to trust different entities like the seller, an agent, and governing bodies that oversee the registration process of different properties. The problem with this system is that it can be affected by human error or corruption. In case of such circumstances, it can be quite difficult to prove the legitimacy of your ownership. Blockchain technology can effectively solve this problem.

Blockchain technology makes the buying process transparent by making the ownership information public. This means the information can be viewed and verified by anyone as the entire history of transactions and ownership details are updated on multiple computers at once. Hence, it is practically impossible for any person to corrupt the data. This way, blockchain eliminates any chance of fraud.

• Take a home loan without any worries

Availing a home loan as well as the prepayment of home loan require a long-term commitment, and undoubtedly, your focus will be to pay your liabilities before time. You surely do not want to get stuck in a legal battle over the property, as you cannot afford to lose your home because of any error in the ownership information. Blockchain technology allows for complete transparency in property ownership. Hence, you will never lose your home to anyone.

• Digitization of properties

One of the most effective benefits of blockchain is that it digitizes the property title deeds. With the use of technology, the digitized titles will be easier to maintain and search as the deeds will now have a virtual address, which will be stored in the blockchain. This way, it will become time-saving to find ownership records, occupancy details, and other specifications regarding a property.

Blockchain is quickly becoming the backbone of the real estate business. Its benefits make dealings in the industry more secure and affordable. Once you make sure of these, the Bajaj Finserv Home Loan can take care of the financing for your investment. If you are eligible for PMAY you will be granted with interest subsidy all along with your tenor under the Credit Linked Subsidy Scheme.

Looking for a home loan? Connect with us at Bajaj Markets and enjoy a home loan up to INR 3.5 crore and make the best of exciting benefits such as additional home loan Top up of up to 50% of your sanctioned home loan amount. Get personalized pre-approved offers, instant approvals and flexible tenures of up to 300 months on your home loan. You can avail a home loan at Bajaj Markets that can cover all your financial requirements at an attractive interest rate. You can purchase the house of your dreams in the easiest way.

“Bajaj Markets, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Bajaj Markets, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Bajaj Markets App.”