Are you all set to go for the online home loan application procedure?
If so, you are not alone! Plenty of homeowners rely on an online home loan to buy or construct their dream homes.
But when it comes to the online home loan applying process, they are unaware. It is where being aware of the precise online home loan process becomes a must.
Read on and know the online home loan application process in this post!
Here’s how you can go for the online home loan applying procedure
- Navigate to your lender’s ‘Home Loan’ if you want to apply for the home loan.
- Click on the ‘Apply Now’ button, and you will be taken to a new page. Here, an online home loan application page will open. Enter your personal, professional and employment details on the form. Once you submit the form, a Relationship Manager of the lender will connect with you to take things forward.
- Now, a lender’s representative will visit you to collect the required home loan documents. It may include the following documents:
- KYC documents.
- Address proofs.
- Latest Salary slips or Form 16.
- Bank account statements of the last 6 months.
- Now, the lender will check and verify your housing loan documents. Your office may also be contacted to confirm your occupation or employment. A credit check may also be done now. They may pull your CIBIL score to know more about creditworthiness.
- If your documents are in order, only then your home loan applying process will advance to the next stage. Your credit score and credit report also need to be in good shape to take things forward. If not, either your home loan application may be rejected, or a lender may ask you to submit a few more documents.
- If everything is good, you may get the digital sanction letter. An online sanction letter has the following details: the loan amount, interest rate, interest rate types (fixed or floating), and repayment tenor. It may also contain your home loan’s terms and conditions. You will need to sign the copy and send it to your lender.
- After you sign the sanction letter, you must pay the one-time secure fee to book an available home loan offer. A lender may ask you to pay the fee even before your sign the online sanction letter.
- Now, the lender will run a legal and technical check before crediting the sanctioned home loan amount into your bank account. An agent may be sent to the site for carrying out the inspection.
- After the lender has gone through the final checks; you will get the final agreement. Now, it is time to disburse the home loan amount into your bank account.
The home loan process that you went through is standard. It may or may not be the same for a lender. Thus, you need to go through a lender’s home loan applying procedure mentioned on its portal.
Before applying for a home loan amount, you should know how much a home loan figure will be available for you. You can do that using the online home loan eligibility calculator for free on a What Elements Should A Good Website Have?.
It is also possible to know about an exact EMI amount and start planning your finances early. You can do that using the home loan EMI calculator.
Once you enter your loan amount, repayment tenor and applicable interest rate, the tool will showcase the exact home loan amount. It will also display the overall interest charges and the entire loan cost (principal + interest).