Digital advances have made various financial transactions seamless – all one needs is a computer or a smartphone and an internet connection. This also goes for applying for any type of loan, including a home loan. The traditional offline route, in comparison, is time-consuming and also becomes inconvenient, as one is required to commute along with one’s documents to the offices of the loan provider.
Most home loan providers have now facilitated making the application for a home loan through their website. An applicant can register on the website of the lender, fill in the application and submit it along with his/her documents in electronic form. The borrower will also be able to make the loan application payment online too. While applying for a home loan, one can visit the website of the home loan provider and use the home loan eligibility calculator to find out the loan amount one is eligible for.
For first-time homebuyers, usually, there are various deals and offers that one can take advantage of. Additionally, due to low credit score, or income restraint or high debt-to-income ratio, or any other failure to meet the loan eligibility criteria, if one is denied the amount that he/she needs to borrow, experts say, taking a joint loan could help. Be it with a family member or a close relative, taking a joint loan increases the eligibility to get that loan.
Note that the loan approval process could also get easier, for a joint home loan with a co-applicant who has a better credit profile. It can boost the chances of the borrower’s loan getting approved, at the same time one can also be eligible for a higher amount.
By comparing loans from various lenders, not only will you be able to get the best interest rate but also keep the overall interest cost low till the end of the home loan tenure.
Do’s and Don’ts while applying for an online home loan;
- The borrower should check his/her loan eligibility before starting their home loan application
- Keep documents ready before starting the online application process. Go through the list of documents required in advance.
- Research about the type of home loans available. The borrower should be clear about the type of loan needed – home loan, home improvement loan, home extension loan, plot loan, etc.
- A must for first-time borrowers – read the frequently asked questions (FAQs) before starting the loan application process.
- For any further queries, one could use the online chat facility to get direct help.
- All the details that are needed by the loan provider to process the application need to be provided truthfully.
- One should not make an application for any random or unrealistic loan amount without checking eligibility.
- One should try to complete the loan application process in one go and not in stages. Take time and sit for the application.
- One needs to have all their document ready – do not leave out submitting important documents.
- A borrower’s CIBIL score has an impact on their loan application. Hence, one should not ignore the CIBIL score while making the loan application.