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.
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.
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.
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.
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.
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