Many borrowers may still be sceptical about online processes and prefer physical branch visits, unaware of the benefits of applying for a home loan online. This article highlights the features of online home loans and showcases how home loan customers stand to benefit through this unique offering
With digitisation permeating every aspect of modern life, making it simpler for consumers to buy commodities and services, the mortgages sector is not too far behind. What was unimaginable even a decade ago is now, a reality – where an interested applicant can avail of a home loan almost entirely online, avoiding the dreaded branch visit altogether. Technology has revolutionised the global markets and changed how people borrow loans in the Indian markets. Convenience is the need of the hour, and technological improvements ensure maximum consumer comfort even while borrowing a home loan.
Many lenders today have perfected the process of applying for a home loan online through various channels – forms hosted on their websites, interactive home loan application processes and even an end-to-end application journey that can be completed on texting applications, such as WhatsApp.
Many borrowers may still be sceptical about online processes and prefer physical branch visits, unaware of the benefits of applying for a home loan online. This article highlights the features of online home loans and showcases how home loan customers stand to benefit through this unique offering.
Features of Online Home Loans
As digitisation rapidly changes the landscape for home loans and mortgages in general, more borrowers should familiarise themselves with the online process to ensure maximum convenience. Here are some of the features that enrich your home loan borrowing journey.
Remote Applications
The COVID-19 pandemic brought about the need to recede into our homes, but with online home loan applications, one can still buy their dream house from the comfort of their homes. Online home loan applications can be completed in almost under 10 minutes, with as few as just 8 to 10 fields to fill. Many lenders even show you a pre-approved offer and give you a conditional sanction letter, allowing you to initiate your home buying journey with bankable funding back-up.
Universal Ease
While digitisation is a necessary step forward, it must also account for individuals whose online presence is negligible. To be more inclusive of all borrowers, online home loan applications have evolved into easy-to-navigate and hassle-free formats. The steps of the process are self-explanatory and available in a variety of regional languages, ensuring that language or usage restrictions are no bar for all types of home loan applicants in India.
Versatile Channels
One can apply for an online home loan across several digital platforms, such as the lender’s website, customer portals, online applications, social media platforms, and even texting applications. This invites more applicants to access the online application forms across channels, not restricting it to just the lender’s website.
The online ecosystem is extremely diverse and versatile, with people venturing into new spaces every day, making it imperative for home loan lenders to also follow suite to reach out to the maximum number of home loan applicants, with ease.
Speedy Mechanisms
The biggest benefit of operating your entire home loan application process online is the speed at which you may receive the home loan approval (provided you meet the eligibility criteria) and the subsequent loan amount disbursal upon document verification. Many lenders guarantee home loan approval in just 24 hours and disbursal in 72 hours (from the time of application approval). Speedy sanctions ensure minimal hold-ups in your home buying and that you don’t lose out on your property because of funding hiccups or delay.
However, applicants should note that not the entire home loan application journey can be conducted online, as some processes, such as document verification, does require physical intervention. To address this, lenders also arrange for a document pick-up service from the applicant’s workplace or residence to ensure that the applicant does not have to step out of their comfort zones to get the home loan they need.
Concluding Thoughts
In today’s environment, online is the way forward, and the home loan industry is fast catching up. To make the most of industry best pricing and exclusive offers, applicants should consider online home loan applications. It is not only easy and hassle-free, but also quick, to keep up with modern needs and demands.
Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.
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