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How to apply Home Loan Online?

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Ankita Patil
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Home Loan Online

Applying Home Loan Online

You can avail home loan by online means. This is possible by accessing the official site of the bank or financial institution, filling of forms, submitting required documents and tracking the application status.

Banks and financial institutions have become systematic with regard to home loan applications. You can now avail home loan by sitting at home and logging from your personal computer. You need not have to visit bank frequently or get contacts.

You have finally selected a desired property to buy. You have also conducted a research of the banks offering home loans and its competitive interest rates. You have chosen an appropriate bank catering your home loan needs. Now, you want to apply for a home loan by online means. Let us elaborate the complete process as follows.

Application form – Checking eligibility

Access your bank’s official site and go to the home loan application page. You can find two options. One if for the first-time users to check your home loan eligibility and the other is for tracking your home loan application status. You must always check your eligibility to know whether you can avail home loan or not. It is an automated form wherein you fill your certain details such as name, employment status, income details, home loan required, etc. Within a few minutes or after a day, the site reverts with the eligibility status. If you are eligible, go to the next step.

Application – Filling of application forms and documentation

In this step, you are filling the forms required for availing home loan. The application form is available for downloading from the site and is free. The documents needed for availing home loan are as follows:

  • Identity proofs
  • Address proofs
  • Bank statements – since last year
  • Income proofs as per employment status – salaried or self-employed
  • Property documents such as title deed, allotment papers, etc.
  • Photographs of the applicant – If there are co-applicants, then photographs of co-applicants are also needed
  • Additional documentation required such as LIC policy statement, loan repayment statement, visa paper, employment contract and so on.

Sanctioning of the home loan

This step is carried out by the bank. It acknowledges receipt of your application form and documents. Then, it verifies each and every document. It goes through the property papers and also evaluates the property itself. After assessment, it checks your repayment capacity by checking your credit score and report. It studies whether you can repay the loan amount within stipulated time period or not. This overall process takes 5-7 working days. The time required for loan sanctioning may vary from bank to bank. The bank communicates its decision to you after thorough assessment. You can track status of your application by accessing the site. You will be allotted an application number for that purpose.

Disbursement

This is the last step in the home loan application process. If the bank is satisfied with your loan application, it disburses the loan amount to you. Once the loan amount is disbursed, you are free to purchase your property and your repayment period starts.

Thus, the process of availing home loan online is simple and systematic. You must go through the official website of your bank to understand it better.

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4 COMMENTS

  1. This facility is amazing. The process is green, simple, efficient, and faster. Since these days, both the partners are working, going to banks and carrying out all the process manually has become increasingly difficult. The only drawback is there is no one to guide you while you fill out the form and you are expected to fill everything. This is an area where banks can focus to improvise. Also, it is assumed that the details are filled in by genuine applicant. System needs to be in place to check for fraudulent activities. In the long run, every activity will shift to online platform.

  2. Online form filling for home loan is very convenient and easy to go process. People should follow all the above steps. One more thing that when people will be checking there eligibility for home loan, then one should read every single rule and regulation. Going through the rules will help in future process and will also safeguard you from any fraud.

  3. I completely agree. with the kind of dynamic lifestyle we live these days, it’s difficult to spare time from work and do the running around to get a loan. And even if you find time to do so, it doesn’t happen in one sitting. You need to visit the bank often for every small requisite. For a person like me who work night shifts, it’s impossible to visit the bank as i usually wake up after the banks are closed. So it would be convenient to fill the form online and get the eligibility information. Moreover these days bank representatives come at your doorstep to collect your documents and handover the cheque . So all you need to do it just sit back at home, relax and click the mouse. Getting a home loan is as simple as that.

  4. This is exactly what I have been looking for a convenient procedure to apply loan.usually it is so tiresome to apply a loan from a work. As I am working out its difficult for me to finish the requirements of the loan procedures. It is not easily made within a day or two. It takes a couple of days for the process which is irritating. so applying a loan through online has given a solution for almost all problems. Now there is no need to approach the bank for every small problem.

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