5 Benefits of applying for a digital home loan in current times
We have arrived in the digital era. Everything is possible with a screen and an internet connection, and so is getting an instant home loan. We are privileged to exist in a time where something as important as a home loan can be taken while lying in our beds.
Gone are the days when there was a need to take out the time and spend fuel to reach the lender’s office and begin submitting endless paperwork to get a loan. The only real time it takes in the process of applying for a home loan is deciding when to get it.
The application and sanction method has been simplified and gets done within a few minutes. There are several benefits of applying for a home loan digitally, but before getting into that, let’s understand the limitations of the offline application.
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Limitations of applying for housing loan offline:
- Applying for a loan physically can be a long, tedious process. It will require you to visit your lender for every little obstacle that occurs in the process.
- It takes longer to get a loan offline than it does online.
- The documentation process is time-consuming as you have to give physical copies of every relevant document.
- Any discrepancy in the documents will also mean that you have to submit new copies by going to the lender’s office yourself.
- It takes a lot of time for a loan to get approved offline as everything needs to be verified manually.
Benefits of getting a home loan digitally:
Mentioned below are the benefits of applying for a home loan online:
1) Faster loan processing:
The best qualities of a digital home loan are fast loan processing and quick disbursal of the loan amount. Since the entire process is digital, it takes less time to validate the documents and the application.
The simplified procedure makes it easy for financial institutions to release loans quickly. Earlier, when the facility to take loans was not available, the same procedure took some serious time.
2) Stay updated:
Earlier, people had to chase their lenders to get an update on the status of their applications. Now, everything is presented in a crystal clear manner on your phone screens.
Receiving emails and notifications at the completion of each step keeps the borrower in the loop. Not only does this simplify the process it also helps provides clarity to the borrower.
3) Flexibility of time:
Applying for a housing loan online can be done from anywhere at any time! There is no need to enquire about the working hours of your lender. You can simply pick up your phone and start with the application process whenever it is convenient for you.
Whether it is during your lunch hour at 1 in the noon or post your office hours later in the night, you get to choose the timing. You can also fill up the application while you are engaged in some other work or take breaks doing it.
When you apply for a home loan offline, even with the best home loan lenders, the process still remains taxing. The offline procedure requires you to get everything done manually.
The more humans are involved in a process, the more error-prone it becomes. Technology gives you the added advantage of automation, which minimizes the chances of error.
The procedure has become systematic with the introduction of technology. It has made the application process smooth as there is no need for you to go anywhere or carry out each step as per someone else. You can do it at your own pace, from your own place.
5) Digital documents:
When you think of a home loan, endless paperwork would definitely be in the top few things that come to your mind.
Gathering documents, getting them copied, attesting each copy, and then carrying it with you to the bank only to figure out that you have missed out on something, and you will have to take the trip back home and repeat the process.
The task sounds torturous and needs great determination to be carried out. However, thanks to digitalization that there is no longer a need for people to go into this endeavor.
You can get the cheapest home loan with minimal paperwork in the present day. You will only be required to click clear pictures of the documents from your phone and then further upload them on the lender’s online portal while filling out the application.
There is no need to carry out the added task of getting photocopies of your documents. Neither will you have to go anywhere to submit them.
How to apply for a digital home loan?
If you have picked the best home loan for you and want to proceed with the online application but wondering how to go about it, below are the steps for the same:
- Once you have decided which lender you are going to borrow from, go to their official website or download their mobile application.
- Log in to the app/website or sign up if you are a new user.
- Fill out the application form with the required details.
- You will also be required to upload all the necessary documents mentioned there.
- Once you have submitted the application, you will have to wait for them to approve it.
- The approval will arrive the money your documents get verified.
- The amount will be credited directly to your bank account once your application gets approved.
The best way to apply for an instant home loan is digital. Applying for a loan online removes a lot of barriers from the way.
It makes the tasks of obtaining the loan ten times easier. An online home loan can be taken instantly with minimal documentation. Getting a home loan has become as easy as buying anything else on the internet.
You are only required to provide some basic personal details along with documents for identification proof, address proof, etc. If you have all of these documents handy, you can easily apply for the loan within a few minutes. Also, the online mode makes the process a lot quicker than the offline mode.