Home loans take the digital route: Here's what you need to know - The  Economic Times

During the last five years, the way Indians conduct their daily lives has gone through a groundbreaking change. The use of smartphones and tablets has risen multi-fold, and most Indians, across all sections of society have smoothly adapted to smartphones and their digital user-friendliness. Apart from this, the smartphone saves you time and effort when you want to apply for financial instruments like credit cards or fixed deposits. It follows, then, that taking a home loan via digital means is an easy way to grab funds to finance a new residence. 

A Home Loan and Its Benefits

A home loan is the amount of funds you borrow from a lender (a bank or an NBFC) to pay for the purchase or construction of a new residence. A home loan has to be repaid in EMIs or equated monthly installments that attract interest. With an online home loan EMI calculator, it is possible to compute the EMIs on the loan. Taking a home loan online is convenient and gives you the following benefits:

  • Rapid Process – The processing of a home loan offline involves back office procedures from evaluating a loan candidate to the final approval. This takes time and effort (on everyone’s part) and results in slow home loan processing and approval. With an online home loan process, you can get quick approval, if your documents are in order. In fact, most lenders process documents very fast and funds are disbursed in your bank account within 24 hours to 4 days.
  • Flexible and Customized – Home loans that you take online offer you flexibility and you can choose loan tenures according to your needs online. You also get to opt for preapproved offers that speed up the process. 
  • Perks – In order to boost online application, the Indian government has instructed banks to offer perks like low interest rates when you apply online. 
  • Versatile Choices – When home loan products are offered to you online, you can check different home loan products and make an informed decision that matches your needs. You can make comparisons of interest rates that different lenders offer and then be clear in your final choice. You can use a home loan EMI calculator to quickly calculate your EMIs according to interest rates and tenures, based on your loan amount. 
  • Minimal Documents – If you take a home loan from your own bank, you will get loan approval even more easily than from a new lender. As you already have an established relationship with your bank, a home loan will be approved with minimal documentation in such cases, through a fast online process. 

Online Facilities

With an overall easy and versatile process, you get the facility of using an online home loan EMI calculator that lenders have on their respective portals to aid you in calculating the EMIs you will have to pay. This is free of cost and you can use it as many times as you want. All you have to do is enter your loan amount, the tenure and the interest rate, and you will be provided with options of repayment, as well as information about EMI amounts. 

Concluding Words

Opting for a home loan online gives you a hassle free process with approval that is fast. You also get facilities of using an online EMI calculator as well as checking your eligibility with an eligibility calculator. 

Looking For A Home Loan? Take The Digital Route To Avail

During the last five years, the way Indians conduct their daily lives has gone through a groundbreaking change. The use of smartphones and tablets has risen multi-fold, and most Indians, across all sections of society have smoothly adapted to smartphones and their digital user-friendliness. Apart from this, the smartphone saves you time and effort when you want to apply for financial instruments like credit cards or fixed deposits. It follows, then, that taking a home loan via digital means is an easy way to grab funds to finance a new residence. 

A Home Loan and Its Benefits

A home loan is the amount of funds you borrow from a lender (a bank or an NBFC) to pay for the purchase or construction of a new residence. A home loan has to be repaid in EMIs or equated monthly installments that attract interest. With an online home loan EMI calculator, it is possible to compute the EMIs on the loan. Taking a home loan online is convenient and gives you the following benefits:

  • Rapid Process – The processing of a home loan offline involves back office procedures from evaluating a loan candidate to the final approval. This takes time and effort (on everyone’s part) and results in slow home loan processing and approval. With an online home loan process, you can get quick approval, if your documents are in order. In fact, most lenders process documents very fast and funds are disbursed in your bank account within 24 hours to 4 days.
  • Flexible and Customized – Home loans that you take online offer you flexibility and you can choose loan tenures according to your needs online. You also get to opt for preapproved offers that speed up the process. 
  • Perks – In order to boost online application, the Indian government has instructed banks to offer perks like low interest rates when you apply online. 
  • Versatile Choices – When home loan products are offered to you online, you can check different home loan products and make an informed decision that matches your needs. You can make comparisons of interest rates that different lenders offer and then be clear in your final choice. You can use a home loan EMI calculator to quickly calculate your EMIs according to interest rates and tenures, based on your loan amount. 
  • Minimal Documents – If you take a home loan from your own bank, you will get loan approval even more easily than from a new lender. As you already have an established relationship with your bank, a home loan will be approved with minimal documentation in such cases, through a fast online process. 

Online Facilities

With an overall easy and versatile process, you get the facility of using an online home loan EMI calculator that lenders have on their respective portals to aid you in calculating the EMIs you will have to pay. This is free of cost and you can use it as many times as you want. All you have to do is enter your loan amount, the tenure and the interest rate, and you will be provided with options of repayment, as well as information about EMI amounts. 

Concluding Words

Opting for a home loan online gives you a hassle free process with approval that is fast. You also get facilities of using an online EMI calculator as well as checking your eligibility with an eligibility calculator.