Home loan and technology: the advantages of an online application

With digitalization permeating all aspects of modern life, making it easier for consumers to purchase goods and services, the mortgage industry is not too far behind. What was unimaginable even ten years ago is now a reality – where an interested applicant can avail of a home loan almost entirely online, avoiding the dreaded branch visit. Technology has revolutionized global markets and changed the way people borrow loans in Indian markets. Convenience is the need of the hour, and technological improvements ensure maximum consumer comfort even when taking out a home loan.

Today, many lenders have perfected the application process for 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 done on texting apps, such as WhatsApp.

Many borrowers may still be skeptical of 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 shows how home loan customers can benefit from this unique offer.

Features of online home loans

As digitalization rapidly changes the landscape of home loans and mortgages in general, more borrowers should familiarize themselves with the online process to ensure maximum convenience. Here are some of the features that enrich your mortgage journey.

Remote apps

The COVID-19 pandemic has brought about the need to retreat to our homes, but with online home loan applications, one can still buy their dream home from the comfort of their own home. Online home loan application can be completed in almost less than 10 minutes, with as little as 8-10 fields to complete. Many lenders even present you with a pre-approved offer and give you a conditional sanction letter, allowing you to begin your home buying journey with bank financing.

Universal facility

If digitalization is a necessary step forward, it must also take into account individuals whose online presence is negligible. To be more inclusive of all borrowers, online home loan applications have evolved into easy-to-navigate, hassle-free formats. The process steps are self-explanatory and available in a variety of regional languages, ensuring that language or usage restrictions are not a barrier for all types of mortgage applicants in India.

Versatile channels

One can apply for a home loan online through several digital platforms, such as the lender’s website, client portals, online apps, social media platforms, and even SMS apps. This invites more applicants to access online application forms across all channels, not limiting it to just the lender’s website.

The online ecosystem is extremely diverse and versatile with people venturing into new spaces every day, which forces home lenders to also follow the path to easily reach the maximum number of home loan seekers.

Quick mechanisms

The biggest advantage of managing your entire home loan application process online is the speed with which you can receive home loan approval (provided you meet the eligibility criteria) and subsequent loan disbursement. loan amount after verification of documents. Many lenders guarantee home loan approval in just 24 hours and disbursement in 72 hours (from application approval). Prompt penalties ensure minimal delays in your home purchase and that you do not lose your property due to financing issues or delays.

However, applicants should note that the entire home loan application journey cannot be completed online, as some processes, such as document verification, require physical intervention. To solve this problem, lenders also organize a document collection service from the place of work or residence of the applicant to ensure that the applicant does not have to step out of his comfort zone to obtain the home loan whose he needs.

Final Thoughts

In today’s environment, online is the way to go, and the mortgage industry is catching up fast. To make the most of industry best prices 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 involve any journalistic/editorial involvement of the Hindustan Times. Hindustan Times does not endorse/endorse the content(s) of the article/advertisement and/or opinions expressed herein. Hindustan Times shall not be in any way responsible and/or liable in any way whatsoever for anything stated in the article and/or also with respect to the view(s), opinion(s) ), announcement(s), statement(s), affirmation(s) etc., stated/presented in the same.

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