As buying a home needs a huge amount to invest, most home buyers can’t buy one from the money they have saved and need to take a loan. Thankfully, the advancement of digital technology has made availing loans – including digital loans – easy.
However, before taking a large loan, home buyers must explore the various options to select a suitable one.
“Buying a home is unequivocally a significant investment that necessitates financial support in the form of a home loan. And thanks to technological improvements, a range of financial organisations are now willing to provide instant digital loans. However, the home is the asset that allows you to reap multiple financial rewards, so ensuring you evaluate all of these factors for a seamless home loan procedure is crucial,” says Pramod Kathuria – Founder and CEO, Easiloan.
Kathuria explains the factors that the home buyers should check before availing a home loan.
Secure your application and dream of owning a home
With the advent of technology, fraudulent online activities have increased. So, as far as possible, stay watchful and complete the application yourself; this eliminates the possibility of error and assures that your personal information related to income KYC is only in your possession during the submission process. Some of the details mentioned above necessitate an OTP-based login, which is better if done independently.
Do your homework
It is necessary that you conduct research, examine options, and then make an informed decision. Hence, before choosing any lending option, evaluate interest rates, loan conditions, loan tenure, and repayment choices before deciding on a financing option. As much as possible, choose a platform that has tie-ups with numerous banks so that you can pick the best one.
When buying a new house, knowing which banks have approved the builder’s project with an APF is usually a good idea. This expedites the disbursement process, but it’s usually done between a developer and a lender, so it’s not something a digital home loan firm can do. The digital home loan player’s ISO: 9001 and ISO:27001 certifications are equally vital to look for. These ensure that they adhere to industry-leading data security standards and provide you with a safe transaction.
Cross verify
It’s usually a good idea to double-check with the platform to see if they can provide expert help or human intervention if necessary. If things don’t go as planned, this can be helpful. Besides this, make sure you share documents as soon as the bank requests them.
“A digital home loan has unquestionably proven to be one of the most valuable tools for simplifying the process of accomplishing one’s dream of buying a home easier. However, in this fast-changing and constantly improving world fuelled by technology, being cautious when taking out a digital house loan is critical if you want to get the best and most convenient offer possible,” Kathuria concludes.