Online and offline home loan application compared for you
- Opting for a longer term ensures that the borrower has additional time to repay the loan
- Before applying for a new home loan, you must prepay your existing loans
- A good CIBIL score allows you to easily benefit from a mortgage
New Delhi: Buying a house is an important decision because it is a considerable investment. Choosing a home loan is also not a cakewalk because there are so many options and you need to compare all the home loan deals on the market and apply accordingly to get the best deal. Previously, you had to switch between lenders to browse home loan options. However, with advances in technology, you now have the option of applying for a home loan online.
Home loan providers have now made it easy to apply for a home loan through their website or app. Many lenders now offer an end-to-end online process for loan approval. However, people are often hesitant to apply for a home loan online. Most people wonder whether they should apply for a home loan online or use the traditional method of going to the home loan provider’s office.
Here is a comparison between applying for a home loan online and offline:
1. Eligibility: In online home loan application mode, you can find out the loan amount you are eligible for by simply visiting the home loan provider’s website and using simple tools such as a home loan eligibility calculator. These tools are a quick and easy way to assess your eligibility for a loan.
On the other hand, in the offline route, you have to go to the loan provider’s office and have detailed discussions with a loan officer to determine if you are eligible for the loan. It takes longer than the online home loan application route.
2. Documents: When you apply for a home loan online, you can simply upload the necessary documents such as loan application form, ID, proof of address, etc. Home loan providers detail the list of documents to be provided. The application fees are also mentioned on the site.
In the offline route, you have to physically transport these documents to the loan provider’s office, which means there is a higher risk of you losing an important document in transit.
3. Application process: In online mode, applying for a home loan online is easier and certainly more convenient. You can simply register on the website, complete the application and submit it along with your documents. You can even make your payment online.
The offline route is a bit tedious and requires you to go to the loan provider’s office or call the home representative. You must complete the physical copy of the loan application form, provide physical copies of your documents, and make payment for the loan application by check. It definitely takes more time and effort as compared to the online mode of applying.
Here are some do’s and don’ts when applying for a home loan online:
To do :
- Check your loan eligibility before you start your home loan application
- Go through the list of required documents and have them ready before starting the application process
- Be clear on the type of loan you need (home loan, renovation loan, land loan, etc.)
- Complete the loan application process all at once, not in stages
- Read the FAQs before you start your loan application process
- Provide all the details the lender will need to process your application
Not to do :
- Avoid applying for an ad hoc loan amount without checking your eligibility
- Don’t forget to submit important documents.
- Don’t overlook your credit score when applying for a loan