There has been a moderate increase in India’s credit bureau coverage from 19.8% in 2013 to 21.4% in 2016. However, there was a whopping 63.1% increase in 2019. With more individuals getting accustomed to digital processes, financial institutions are shifting their services online to facilitate faster fund disbursal.
Today, one can apply for financial products like a home loan online by following a few simple steps. Keeping track of application status in real time has made borrowing processes more convenient. This way, a borrower can skip long queues in branches while securing housing loans.
How to apply for a housing loan online?
Both salaried and self-employed individuals can apply for these credits against low home loan interest rates online.
Following are the steps they would need to follow to apply for this advance –
- Firstly, one will need to fill up financial, personal and employment information in the respective sections.
- With the home loan eligibility calculator, individuals can determine the amount they are eligible to borrow. Furthermore, with the help of a home loan EMI calculator, individuals can calculate the monthly instalment amount that they are liable to repay along with the total amount in terms of interest and principal.
- Applicants must upload details about the property chosen.
- Payment of fees and submission of documents through a secure online portal will be the next step in line.
- During vital document submission, lenders will only ask for scanned copies to verify an individual’s application.
Opting for a Bajaj housing finance home loan will allow an individual to receive pre-approved offers. These pre-approved offers are available on a buffet of financial products, including home loans, loans against property, etc., and they allow to expedite the loan application process to quite an extent. Individuals can check their pre-approved offers by providing their name and contact number.
Benefits of applying for a home loan online
- Swift processing – Conventional home loan application process is a time-consuming one due to the various related formalities. With the digitisation of these processes, individuals can receive an approval within 24 hours.
- Perks and benefits – HFCs provide pre-approved offers and other personal offers in the digital mode. With these offers, individuals enjoy financial ease and swift approval and disbursal of the funds.
- Availability – Borrowers from remote locations can avoid the conveyance hassle by simply applying for a housing loan through their smartphones. Easy availability is a key advantage when it comes to the online loan application.
- Lender comparison – With the help of a home loan interest calculator, one can compare rates offered by different lenders and choose the one that suits their requirement the best.
- Less documentation- The traditional process of securing a home loan includes heavy paperwork. However, the digital mode has enabled users to opt for a paperless approach. This will allow the applicants to upload scanned copies of KYC documents.
Additionally, this paradigm shift has inspired lenders to provide online tools like home loan and eligibility calculators. Using this, borrowers can calculate their housing loan EMI prior to the application process, check their eligibility, and choose a convenient deal.
Therefore, the digital route has effectively bridged the gap between lenders and borrowers in an effective manner. Opting for any financial product like a home loan online is comparatively smoother and less time-consuming than the physical process.