Assume you want to buy a property in India. In order for you to realize this dream of owning your own home, you need to invest in a housing loan. Nowadays, customers can conduct the entire process of applying for home loans without having to step into a lender’s office. Of the many NBFCs offering e-home loans, how will you then know which one is the right one for your family? Here’s a simple guide to going about the process of finding the right housing loan online.
How to begin and what to look for:
Start by exploring the internet to discover the different kinds of housing loan offerings that are available to you. Study the interest rates and EMIs offered to you, ensuring that you are reading the fine print and not missing out on additional costs, such as interest rates for fixed tenure, terms and conditions apply, etc.
Banks and NBFCs offer different home loan interest rates for different tenures. Lower interest rates are offered for short-term loans.
You will get the choice between floating and fixed interest rates. A loan on a floating rate means that the interest rates prevailing will be applicable. So if the interest rates go down, your EMI will also reduce. A loan on a fixed interest rate means that despite fluctuations in lending rates, your EMI remains unchanged. One of India’s leading housing finance institutes, Indiabulls Home Loans recently reduced it interest rates by 15 basis points to 8.35%. Check here – Current Home Loan Interest Rates
Banks offer house loans on annual, monthly and daily rest. Annual rest means that interest is calculated on a yearly basis. With daily rest, the moment you pay, it is accounted for and interest is only calculated for the balance amount of your loan.
Benefits of online home loans
You’ll be able to complete the entire process of applying for and availing your home loan online, without having to step out of your home. In an increasingly digitized world, consumers are used to conducting all their transactions online. A similar shift has taken place in the financial services, as customers are now making transactions on DIY digital platforms. Another great benefit of e-loans, is that all documentation is done online. All verification and attestation of documents through the online portal.
What happens once you’ve applied for your home loan online?
The process of applying for a home loan online is much faster than applying for one in person. Once you send in the application, you don’t have to wait too long to get the loan sanctioned. You also don’t have to wait in case any cash crises come up. In short, your digitised home loan package will be made available to you through a speedy and convenient process. To apply click here – Home Loan Online