The introduction of the online loan application process has brought significant changes to the way of availing credits. Traditional offline methods, even though still available, have become a dated concept now.
The emergence of e-home loan and its rising popularity is primarily due to the convenience it offers. Borrowers can now avail of a loan offer of their choice from the comfort of their home and do away with the hassle of visiting any branch.
In this regard, prospective borrowers should be aware of the benefits of this process and its ability to better their borrowing experience.
Top 4 benefits of e-home loan application
Here are some notable advantages of the online application procedure –
- Hassle-free and convenient
As mentioned already, the online process makes way for a hassle-free home loan application. Here individuals can apply at their convenience. Also, they can browse through different loan offers and find the correct ones.
This process also saves them from the trouble of visiting the nearest branch to complete the due formalities, which can be time-consuming.
- Faster application and approval
When compared to offline methods, the online one is faster. Here individuals can quickly complete the process and receive approval within minutes. This results in a better customer experience and also allows borrowers to learn whether they qualify for a loan or not without wasting much time.
- Paperless processing
A housing loan application requires individuals to submit a series of important documents including ID proof, property papers and incomes proof. Since these are vital documents and carrying them to a branch office and back safely can be a headache.
In the case of online processing, there are no such worries. Applicants can scan and upload these documents online from the security of their residences. It also minimises the usage and wastage of paper, making way for a more environment-friendly process.
- Online management
One of the notable advantages of this process is its ability to allow borrowers to manage their loan accounts online. With this facility, they can track their loan application, check various details of their credit, and make necessary payments whenever they want.
Besides learning the advantages of the online application process, borrowers should also know how to complete this home loan application process without any mistake.
How to apply for a home loan online?
Here is a step-by-step guide on the e-home loan application process –
Step 1: Visit the official website of a preferred lender and navigate to the loan application section.
Step 2: Fill up the loan application form with relevant details and submit it.
Step 3: Following the initial approval, upload the necessary documents.
Step 4: Receive confirmation via registered contact details after verification.
This is the standard online application process that almost every lender follows. Nonetheless, a point to remember here is that a home loan application includes a lengthy verification process, often taking 1-2 weeks. Additionally, financial institutions may call up borrowers for a personal interview before sanctioning any credit application.
Nevertheless, leading financial institutions extend pre-approved offers to help existing customers avoid this verification of the process. This offer is available on various financial products, and individuals can check their pre-approved offers online by registering their essential contact information.
Alongside these factors, one should also evaluate some pointers before making a home loan application. It will help them to make more sound decision.
4 points to check before applying for a home loan
- Interest rate
Since interest amount constitutes the lion share of any loan repayment, evaluating this pointer is vital to find the perfect offer. E-home loan interest rate varies from one lender to another, so borrowers should check and compute the same before making an application.
- EMIs
Alongside the interest rate, one should consider the monthly instalments before availing of this financial product. In this regard, an individual can opt for the assistance of a home loan EMI calculator for further details.
- Down payment
Making a higher down payment can help with the loan repayment process. It lowers the EMIs and total outstanding amount as well.
- Additional charges
Borrowers should review the additional charges applicable on home loans to calculate the total cost of borrowing.
E-home loan application has altered the ways to source credit and made the process quicker and less tiresome. Nonetheless, borrowers should still go through the fine print of a loan application to avoid future difficulties.
