Home Loans: A Peer-to-Peer way of Availing Loans
The technology of blockchain allows peer-to-peer transactions to take place on a decentralized platform. The innovation of monetary transactions has allowed faster, transparent, and secure transactions to take place with comparatively minimal inputs from the parties involved. This technology has therefore enabled various startups to use blockchain on their platform.
Home Loan has initiated a project that incorporates a peer-to-peer lending service that works with cryptocurrency and is secured by real estate. It will promote a much easier and fairer way to take home loans.
About Home Loans
According to the Home Loans whitepaper, over 1.6 billion people in the world don’t have their own housing. Housing is an essential part of human sustenance and the housing sector has been facing a low in recent years following the 2008 financial crisis.
Since the housing bubble of 2008, banks have been hesitant and more stringent when it comes to providing mortgage loans. There are various aspects that are looked into before giving anybody a loan along with the borrower’s trustworthiness.
Home loans aim to eradicate the strict policy of credit acceptance by introducing a peer-to-peer platform with the help of blockchain. It will give people a chance to easily access the loans they need to purchase their own homes.
It is not exactly easy for a foreigner to get a home abroad as sometimes the funds aren’t sufficient. In this case, even banks are not as willing to provide funds to a foreigner as it will prove to be a risk. Moreover, the rules and regulations regarding credit vary from country to country. This is a project such as Home Loans could provide people with assistance.
Due to greater accessibility, the home loans platform will be able to attract more customers and hence will be able to offer a comparatively lower rate of interest than the banks.
Problems and solution
Currently, there are banks around the world that make it exceptionally difficult for non-residents to get a home loan in a particular country. This may be due to stringent laws and difficult policies kept in place by the government. In some places it is even impossible for a non-resident to get a loan and even if they do, they are prone to face higher interest rates as compared to the residents.
In this day of globalization, where migration for a better livelihood is a common occurrence, it is integral to have easier ways to provide home loans to foreigners in countries.
Home Loans is a project that will help provide a much-needed solution for this global problem. With its team working in the field of real estate for over a decade, it has managed to develop a platform that is focused on real estate and providing real estate loans for users.
Their main aim behind this was to create an international loan platform by using open-source resources on the basis of blockchain technology.
How it works
Home Loans will be able to provide loans for housing under construction, loans for secondary housing, loans for the commercial real estate, loans for land purchase and loans for own property, through their international lending platform.
They provide a loan for a term of 180 months with an annuity interest rate of 1–5%. The age criteria for borrowers range from 18 to 65. Repayment does not include commission and starts from the first month as an annuity payment.
With the help of a credit rating system, Home Loans will be able to provide loans to customers without a credit history and to those who don’t have bank accounts, while simultaneously collect large amounts of information.
HOME LOANS will be an easily accessible financial platform through which people from all over the world can convert their savings into HLCoin currency supported by a real estate for a potential yield from real estate lending, property purchase and protection their income from inflation. In future we will be able to help all the 1.6 billion people who do not have their own housing, and also all those who, for one reason or another, was refused by banks, adding them to a new global decentralized cryptosystem.
The international lending platform for real estate HOME LOANS provides for such types of loans as:
1. Loans for housing under construction.
2. Loans for secondary housing.
3. Loans for commercial real estate.
4. Loans for land purchase.
5. Loans for own property.
*HOME LOANS for the crypto community: Creation of a crypto-ecosystem
*HOME LOANS for business: attracting new and returning old customers
*HOME LOANS for people: the opportunity to buy property without resorting to traditional methods like banks
*HOME LOANS for local partners: global business scaling
In order to create a platform HOME LOANS and develop business on a global level, our team took the decision to hold ICO. Successfull ICO will allow us to quickly create products and services, and will also make possible the development in the international market.
*The first stage of the project is the Pre-ICO HLCoin Token which will start on November 29 and end on December 29 (1 HLCoin = 0.5 $ +50% bonus)
*The second stage of the crowdsale project (1 HLCoin = 1 $ + bonuses 3)
*During crowdsale HLCoin will compile a limited number of 150,000,000 tokens and be sold at a fixed price. Original price: the price of the token is fixed at the level of 1 US dollar — 1 HLC token.
Founders — 8%
Advisers — 4%
Bounty — 3%
Investors — 85%
Bonuses to the first investors during the initial offering of the tokens (additional tokens added to the purchase):
PRE-ICO — bonus + 50% 1–3 days — bonus + 25% 3–9 days — bonus + 20% 9–18 days — bonus + 10% 18–31 days — bonus + 5%