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Failing to shop properly for a mortgage may cost you dearly in terms of interest and overhead expenses

In today’s digital world, it is far easier to do things online rather than the conventional way. One such thing is applying for a home loan online.

Yes, you can get even a home loan without visiting a bank from the convenience of your home. Almost all banks are now offering this facility online and each lender has its own loan application process.

However, to avail of a home loan, you need to fulfill the essential eligibility criteria, that vary among different lending institutions and keep certain things ready.

Check eligibility: Before applying for a home loan you should check your eligibility for the loan amount by giving details like your age, profession, salary, etc from various lenders on their online platform or from any third party online platform providing a home loan.

Look for a better deal: After clearing, eligibility criteria compare the rates from various lenders on the third-party home loan aggregator platform and conclude with the lender that fits your needs.

Collect Property Documents: Get all the property-related documents and legal documents from the builder such as share of agreement, sanctioned site plan, booking receipt, and copy of the cheque. All in soft copy.

E-Stamping: Get the sales agreement and construction agreement e-stamped. For ongoing construction, two agreements are made, one for sales and another for construction.

Now follow the step-by-step guide to ease you through the home loan procedure:

– Visit the website of the online home loan provider (here we have taken – https://www.hdfc.com for reference)

– Click on ‘Apply for Home Loan’

– To find out the loan amount you are eligible for, click on ‘Check Eligibility’.

– Under the ‘Basic information’ tab, select the type of loan you are looking for (home loan, home improvement loan, plot loans, etc.).

– Click ‘Yes’ if you have shortlisted a property else select ‘No’. Fill in your name under ‘Applicant’s Name’.

– Under the ‘Applicants’ tab, select your residential status (Indian / NRI), and enter all the required personal details including occupation and EMI paid each month for all existing outstanding loans.

–   In the ‘Offers’ tab, all loan products and information will be shown.

–  Select the loan product, enter the date of birth and password, and click on Submit.

– You will then be required to upload all the documents.

Now, all you have to do is pay the processing fees and complete your online loan application.

The team will review your application and initiate the processing of the loan based on your documents. Once your your application is approved, the money will be credited to your account.