I have an iBall i701 at my spare which I would like to use as the display module. The product link is given below:
Could I use the aforementioned product since it has a HDMI outlet? It has pre-installed Windows OS with it.
Tablet / Laptop HDMIs "usually" do not support dual (master and slave) HDMI mode as far as I know. They are usually configured to function in master mode and hence you can connect it to TV or monitor to get tablet / laptop display on TV / monitor but not the other way around. I didn't see anywhere in specs that it supports dual mode, and hence it is most likely that tablet in the question only supports master mode.
However, You can make use of vnc client to get entire display of RPi over your tablet. (I'm not sure if there is any such utility for windows tablets but android play store does have a vnc client). In this case, both of them should be on the same network and vnc server must be installed on RPi.
Hope it helps.