Today, there is no dearth of home loan lenders in the market. There are hundreds of players operating in the housing finance market, each trying hard to outdo the others. This tough competition has led to lenders trying their best to attract customers with better service and beneficial home loan terms and conditions. The home loan apply online is a result of this competition, the desire to do better than others and increase one’s market share.
Home Loan Apply Online: What Does the Procedure Involve?
If you are planning to apply for a home loan online, here’s what the process entails:
1. The first step in the process is applying for a loan online. Most lenders host an online home loan application form. Carefully fill out this form and provide all the required information. Submit the form and wait for your lender to get back to you.
2. On receiving your home loan application form, your lender will go through all the information provided and verify its authenticity. They will also extend you a home loan offer or reject your loan application based on the information provided by you and your credit profile.
If your lender decides to extend you a loan, they will ask you to submit income, address, identity and property documents. Submit all the documents and wait for the document verification process to get over.
3. After you have submitted all the required documents, your lender will hire experts to verify all the documents provided by you. The experts will check each document to ascertain its authenticity and make sure that the information provided by the loan applicant is correct.
Your lender will also ask for all property documents and authenticate and verify all the property documents to make sure that the property you intend to buy with the loan money is not mired in any kind of legal trouble.
A technical expert will also be hired to make sure that the property is in a good state and is being constructed keeping in mind all the rules and regulations, as laid down by the local authorities.
4. If you pass the document and property verification stages, your lender will release a home loan sanction letter detailing the loan terms and conditions your lender wants to extend to you.
Please note that nothing mentioned in the home loan sanction letter is final, you can always negotiate with your lender about the loan terms and conditions. If you do not agree with the loan terms and conditions mentioned in the home loan sanction letter, negotiate hard until you get desirable home loan terms and conditions.
5. Once you and your lender have reached a consensus regarding the loan terms and conditions to be extended to you, they will release the final home loan offer letter. Make sure you have been offered the latest home loan interest rates and have been given the tenor that works best for you.
Apart, also make sure to read about other important things, such as EMI bounce charges, home loan balance transfer, prepayment and foreclosure charges, etc. Read the entire offer letter carefully before signing the final offer letter.
6. After you sign the final offer letter, your lender will release the loan money into your loan account and you will now start paying your home loan EMIs.
This is the entire process for home loan apply online. Let us now also walk the readers of this article through the list of home loan documents required for availing of a housing loan in India.
Home Loan Documents: Documents You Will Need to Submit to Get Approved for a Home Loan
Please keep these documents ready with you to experience a hassle-free, smooth and quick home loan application process.
1. Address Proof Documents: Under this category, lenders accept passports, Aadhar, driving licenses and Voter IDs.
2. Income Proof Documents: Under this category, you can submit salary slips, ITR, form 16 or your bank account statements.
3. Identity Proof Documents: Under identity-proof documents, lenders accept PAN, Passport, Aadhar, Voter ID or Driving License.
4. Property Documents: While applying for a home loan, you will need to provide a copy of the receipts of the payments you have made to your developer, the buyer agreement and the agreement to sell. You will also need to submit a copy of the sale deed.
Please know that document requirements vary from lender to lender. So, to experience a completely hassle-free loan application process, it is advised that you talk to your lender regarding home loan documents, eligibility requirements, the online application process, etc. This will help you navigate the entire process quickly and smoothly.