India’s financial sector has evolved by leaps and bounds over the last decade. Technological developments have allowed easy access to online services, and with the pandemic putting a damper on physical interactions, it was about time that financial institutions completely adapted to this change. Today, leading banks and financial institutions offer their services online, making it easier for consumers to apply for products such as home loans.
Today, borrowers can avail a home loan digitally for added convenience. Apart from the expedited application process sans the long queues, lenders also offer housing loans at attractive terms.
Read on to know the many advantages of applying for a home loan digitally.
Quick Processing: Processing a home loan through the traditional, in-bank method can be time-consuming. From application review to several other back-end operations, it takes a while to complete. Carrying out these processes online significantly aids in reducing the processing time. Digitalizing the loan process also ensures that consumers are aware of every step in the process. Most importantly, the application status can be tracked online for better understanding.
Personalised Offerings: The onset of digitalisation has enabled lenders to tailor-make offerings for consumers. Personalised and pre-approved loans are specially curated to fit a specific profile. This helps you get the best of the loan in terms of interest rate and application fees. Pre-approved offers can be checked through the bank/lender’s website or app.
Widely Accessible: Online home loans are widely accessible, and this makes it great for consumers living in remote locations. You can apply for a loan through your smartphone or computer and avoid the hassle of visiting the bank. Thus, it reduces all that time and extra effort.
EMI Loan Calculator: It is often difficult to arrive at an amount that you can comfortably borrow. This decision is made easier through the EMI loan calculator that is offered through the home loan portal. Input your details such as the loan amount, interest rate, and tenure to get a quick idea of the payable EMI costs.
Minimal Documentation: Applying for a home loan earlier meant gathering a bunch of documents, but not anymore! Institutes like Home First Finance Company (HFFC) are now shifting to a paperless approach and providing loans with minimal documentation. Applicants are required to upload scanned copies of their documents such as the PAN card, Aadhaar card, employment proofs, and more. This digital processing saves you all the effort of presenting numerous documents to get your home loan approved.
Easy Online Management: The most notable benefit of the digitalised process is the ability to easily manage your home loan account. The dedicated loan portal lets you access your account whenever you require. From being able to pay your EMIs and viewing essential details to checking your pending payments, the digital route brings it all to your fingertips.
Steps to Get an E-Home loan:
- Loan Application: Log in to Bajaj Finserv MARKETS and fill in your loan application. Include details as requested, like your name, qualification, age, employment, and more.
- Offer Generation: The offer is made after the lender approves the loan application based on the given information.
- E-Sanction Letter: A digital sanction letter is sent after you pay a nominal fee. This letter must be downloaded and has a six-month validity.
- Loan Disbursal: The sanction letter lets you connect with the lender during its validity period to avail the home loan.
There is no doubt that home loans are easily available today. However, here are some vital aspects that you must consider before getting a home loan:
Loan Tenure: Home loans are typically offered for a long repayment tenure that ranges between 15 to 30 years. Picking a longer tenure will lower the EMI value whereas a shorter tenure will reduce the interest outgo.
Credit Score: A higher credit score can help borrowers avail a better interest rate on their home loan. Lenders are more likely to offer a competitive home loan interest rate on a credit score of 750 and above.
Down Payment: Putting in a higher down payment is a good way to increase your chances of getting a home loan. It also reduces the total repayment amount in the form of EMIs.
A home loan is a wonderful way of realizing your dream of homeownership. To make the best of this opportunity, head to Bajaj Finserv MARKETS and choose from the best offerings like HFFC home loans with a low-interest rate. You can get access to a loan amount of up to Rs. 3.5 crore with a flexible tenure that ranges up to 30 years. Avail a tailored home loan offering through simple loan criteria and minimal documentation. Use the home loan EMI calculator and apply online now!
