Applying for a Home Loan Online? Here’s What You Should Do

One of the most difficult decisions of any individual’s life is thinking about a loan, as people in India still see it as a burden. However, when the real need for buying something arises, like a permanent home for oneself, then a home loan is probably one of the only tools that can help you achieve your dream. The ongoing pandemic has made us realise the need for a home more than ever. Having ample space in the home to work at ease and suffice all members of the family has become a necessity, and to fulfil this dream, you might need a home loan. 

However, in recent times, it has become obvious that applying for a home loan physically involves visiting the lending bank’s branch and repeated revisions to your documentation. Now, people have a better and faster option when it comes to home loans. You can apply for a home loan online with minimum documentation requirement and get approval in no time. 

If you are looking to get the home of your dreams, then here are a few reasons why you must apply for a home loan online:

1. You will have to face minimum physical contact as everything takes place online, right from comparing home loan interest rates to finishing paperwork.
2. You can apply for a home loan online to cover up to 90% of the property you wish to buy. Get in touch with your property agent to get the market value of the property you wish to buy, and you can then estimate how much home loan to expect.
3. It is easy to get your KYC done with the help of video-based KYC that includes geotagging process, which speeds up your application process.
4. With the sales team’s end-to-end guidance and digital paperwork, i.e., no physical documentation, the overall process to apply for a home loan online becomes way simpler.
5. You do not even have to worry about the security in this entire digital process as the lender’s portal, i.e., mobile application or website will involve multiple layers of security with OTP verification, confirmation, pop-up notifications, etc.
6. There is an option to use a home loan EMI calculator online, which can help you calculate your EMIs and plan your finances ahead of time. These online calculators are easy to use and very quick with calculations. You can easily compare interest rates from various lenders and make a quicker decision for your home loan.
7. As a home loan applicant, you will not have to incur any pre-payment charges either, as most lenders now have a very diligent and transparent approach towards loan procedures.
8. If you apply for a home loan online, you also get the tenure options of up to 30 years to pay off your loan in time. Additionally, you can consult your lender and ask about their policy on yearly top-ups and lump sum EMI payments after the initial year or two.

Additionally, the home loan EMI calculator also has an option where you can get your entire EMI table for the loan duration you request. You can then easily see the interest and principal amount breakup. This will help you understand how the rate of interest affects your EMIs, and you can plan for earlier payment, i.e., top-up payment, if your lender allows the same.

This pandemic is making everyone think about their needs and act on them. If you are looking to settle for good, then apply for a home loan online from reputable banks like Axis Bank and take one step closer to the home of your dreams.