The home loan market is expected to expand at a significant CAGR in the coming years. This can be attributed to the increasing interest among young individuals in homeownership. This can also be attributed to ever-increasing property prices which make it quite challenging for homebuyers to buy a home without the assistance of home finance. Banks and NBFCs also do everything in their power to make the home loan process more convenient. This article discusses the home loan apply online process and is a must-read for anyone planning to apply for a home loan in the near future. 

How to Apply for a Home Loan Online in India

The home loan apply online process in India is fairly straightforward. Here are the steps to follow to secure a home loan in India. 

1. The first step in the process is doing thorough primary research. Many lenders are active in the market and each lender tries to entice borrowers with favourable loan terms. Therefore, it is important to do thorough market research and find the right lender for you. This involves not only negotiating loan terms and conditions but also gathering feedback from existing customers and conducting thorough research on your chosen lenders.

2. After you have done your research and confirmed the lender you want to approach, the next step in the process is applying for a home loan. Today, most lenders offer the online home loan facility, which allows loan borrowers to apply for a home loan while sitting within the comfort of their homes. To apply for a home loan online, go to your lender’s website and fill out that online home loan application form. 

3. Before filling out the home loan application form, check your eligibility using the home loan eligibility calculator. This free-to-use online tool will allow you to calculate the loan amount you are eligible to apply for based on your age, income, existing liabilities, etc. All loan applicants must also use the home loan EMI calculator to calculate their loan EMIs beforehand and know if they can afford to pay the loan EMIs they have in mind. 

4. Once you know your home loan eligibility and loan EMIs you can comfortably afford, the next step in the process is filling out the home loan apply online application form. While filling out the form, you will be asked to provide important details, such as the type of loan, your full name, date of birth, income, details regarding the property that you plan to buy with the loan funds, residential status (Indian/NRI/OCIs), etc. Make sure to fill in all the details carefully. 

5. After you have filled out all the required details, upload the required home loan documents and submit the application. Upon receiving your loan application, your lender will verify all the information provided and revert. Depending on the lender you have chosen, the turnaround time can be anything between 48 hours to 7 days. 

6. If your lender decides to sanction you a home loan, they will ask you to submit additional documents. These generally include age, income, and address-proof documents along with all property documents. Next comes the document verification stage, which can take a week or more, depending on the lender you’ve selected.

7. If you pass the document verification stage, your lender will open the table for negotiations. Now is the time to ask for the lowest or latest home loan interest rate along with low processing fees and prepayment charges. Negotiate on every loan term and do not settle until you are fully satisfied. 

8. Once the negotiations are over, your lender will send you the home loan sanction letter, which is not the final home loan agreement and only implies the lender’s intent of sanctioning you a loan. The home loan sanction letter is valid for only 6 months. Sign the home loan sanction letter and send it back to the lender. 

9. Your lender will now start drawing the final home loan agreement. Once you receive the final agreement, carefully review every term and condition. Sign only if you fully agree with all the terms.

10. Wait for the loan fund to come into your home loan account and finalize your property purchase.

Final Words

In conclusion, the home loan application online process in India has become highly streamlined now. By following the steps elaborated in this article, loan applicants can ensure a smooth loan application process. 

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