What is an eKYC process in real estate transactions?
eKYC (electronic Know Your Customer) is a digital identity verification process used in real estate transactions to confirm a buyer's or borrower's identity using Aadhaar or other government-issued digital identity systems, eliminating physical document verification.
How eKYC Works
- User provides consent to share identity details digitally, often via Aadhaar
- System verifies identity through OTP or biometric authentication
- Verified data is instantly shared with the bank or real estate platform
Applications in Real Estate
- Used during home loan applications for identity verification
- Applied in property registration and rental agreement processes
- Speeds up onboarding for online property portal transactions
Benefits of eKYC
- Reduces verification time from days to minutes
- Minimizes fraud risk through secure digital authentication
In summary, eKYC has significantly simplified identity verification in real estate transactions, reducing processing time and paperwork. It's now a standard requirement across most digital property and loan platforms.
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