The candidates taking up the loan repay the principal amount along with the interest charged on it. The benefits of the home loan can be availed by the eligible candidates. People who are suitable to take the loan from a particular lending institute can apply for a home loan either by visiting the bank branch or online. In today’s life where people don’t have time to visit the bank online application is the best option. Home Loan Apply Online Benefit: The benefits of applying for a home loan online are as follows: Less Time Consuming – The online procedure is faster than the traditional way of going to the bank, filing an application, submitting the documents and then waiting till the details are verified. Convenient – The way of comparing and applying for a home loan online is hassle free and very convenient. Everything can be done from the convenience of home without standing in the bank queues. Quick Processing – Right from application to disbursal of amount every step is carried online thus, reducing the time consumed in manual dealings. So the entire loan procedure gets quick. Wide Range of Options – In looking for the home loan online, a borrower gets a chance to scroll through a wide range of options that gives him/her a chance to select the loan that best serves his/her purpose rather than depending on the limited means. Comparison – As all information regarding the loan product is available online the applicant can view the details and grasp the information. The potential applicant can evaluate the home loan interest rates and deals offered by several lenders online without wasting much of time and efforts. Promote Paper-Free Environment – Applying online and uploading the required documents online help in saving the paper. Security – The information entered in the online portals is safe and secured. Even the amount is safely credited to the applicant’s bank account. Error Free – There is less chance of making an error while filing the loan application online. Even if any mistake is made, the applicant can rectify it without visiting the lending institute.
Real Time Dealing – The borrower can enjoy the benefit of real time dealing without being present in the bank or any other lending institute. How to Avail the Benefit of Home Loans Online: With the advent of modern technology, the way of doing things is changing. The manual workload is now reduced and transferred to machines thus leading to perfection. The same goes for availing a home loan. Gone are the times when to manage the requirement of funds an individual has to visit from lender to lender. Now all services are just a few click away. The borrower only has to search online for the various lenders and check the eligibility. The applicant can also compare the rate of interest, processing fee and other charges payable on availing a loan. Once the lender is selected, apply for the home loan. The following are the steps involved in online application: Steps to Apply Online: Open the website of the lending company. Visit the home loan page. Click on ‘Apply Now’ tab. Fill in the required details and click on the ‘Submit’ button. Then upload the requisite documents. Documents Required: Following is the list of documents required at the time of application submission: 1. Identity and Residence Proof Valid Passport Voter ID Card Aadhar Card Valid Driving License 2. Proof of Income Last 3 months’ Salary Slips Last 6 months’ Bank Statements, showing salary credits Latest Form-16 and IT return 3. Other Documents Employment Contract / Appointment Letter in case current employment is less than 1- year old Last 6 months’ Bank Statements showing repayment of any ongoing loans Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across A cheque for processing fee favouring ‘HDFC Ltd.’ 4. Property related documents Copy of the Allotment Letter / Buyer Agreement Receipt of the payment made to the developer The loan application has been filed. Now, the bank authorities will contact the applicant and revert the information. They will verify the details and documents provided by the applicant. If everything matches the criteria set by lending institution the loan will be approved and the applicant will receive the confirmation mail. The loan amount will also be disbursed in the applicant’s bank account.