Requests a loan and provides credit score. Agrees on a due repay date, failing which he has to forfeit the mortgage. The ownership of digital mortgages is publicly verifiable on a trusted government portal.
Interested lenders will judge the mortgage and propose their desired lending amount and their rate of interest. Borrower checks all the proposals and accepts appropriate ones to achieve the target money. Other loan requests are rejected. The funds are transferred to the borrower.
Performs credit check on behalf of the Lender.
At different stages of the process, transactions are recorded on the Blockchain:
- Initial application for the loan by the Borrower.
- The Credit Reference Agency credit check result.
- The Lender's check loan requests.
- The Lender's formal offer of loan.
- The borrower checks all the requests and chooses one.
- Rest of the requests are rejected.