Business

How Has Availing Home Loans Online Become Safer Over the Years

The advancement of scientific know-how has brought visible comfort to our lives. Sitting in the comfort of your room, you can access your bank passbook, order groceries or medicine, pay your utility bills, and avail of many more such amenities online. Thanks to digitization, even availing of a home loan has become an easy task today. You just have to make sure it is safe enough. Let us find out how.

  1. In this time of the pandemic, the online process ensures minimal physical contact, thus maintaining the much-preached “social distancing”.
  2. You just need to visit the website of your preferred lender. There are tools provided for your use, such as a home loan eligibility calculator and home loan EMI calculator, that provide you with all the basic information you need before applying for a loan.
  3. The documentation is entirely digital, supported end to end by the lender’s sales team, if required.
  4. The process is secured with video-based KYC that may also include features like geo-tagging and video verification.
  5. The platform is further secured with OTP verification, which further increases security and avoids cyber fraud.
  6. Just like the offline process, the borrower gets the same loan terms. The repayment period, for instance, is 20 to 30 years, even if you apply online.
  7. The application form may require e-signing, and you may need to pay an online processing fee. The form is then submitted online.
  8. The whole home loan process is automated and end-to-end encrypted to ensure the utmost security.

All these safety features make online home loan applications a secure exercise.

Tips for a smooth home loan application process:

  1. Before starting the home loan application process, know how much loan amount you are eligible for, and the offered home loan interest rates.
  2. Check the required documents thoroughly and keep them handy.
  3. Be specific about the type of home loan you need.
  4. To clear all your doubts, study the Frequently Asked Questions (FAQs) section, and terms and conditions on the lender’s website carefully.
  5. For further doubt clearance, you can use the online chat facility.
  6. Whatever details the lender asks you for, be sure to provide them with the necessary requirements so that your home loan application is processed smoothly.

Avoid the following:

  1. Do not make an application for an ad-hoc loan amount without knowing your loan eligibility.
  2. Avoid completing the loan application process in different stages. Instead, try to complete it in one go.
  3. Never forget to furnish all documentation completely.
  4. Your CIBIL score must not be neglected. This has a bearing on your home loan eligibility.

All leading home loan finance companies ensure adequate safety of the online home loan process. You can quickly go forward with the online home loan process, and avail of the finance required.

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