The most convenient financing options for individuals who require funds to purchase or renovate their residential property. Moreover, home loans are secured credits and come at affordable interest rates as well as extended repayment tenors. This makes it easier for borrowers to pay off the outstanding amount without straining themselves financially. Lending institutions also offer home loan online application facilities to borrowers to streamline the application process. It makes availing a home loan convenient and also saves valuable time. Know the following critical points about home loan online apply for a hassle-free application and process.
Application procedure for home loan online application
1: Visit your lending institution’s official website.
2: Go to the home loan section and access the online application form.
3: Provide all the requisite details in the application form, which include personal, financial, employment and property details.
4: Verify the information entered in the application form to make sure that there are no errors.
5: Submit the application form along with necessary documents.
Some lenders also offer end-to-end online application facilities through e-home loans, whereby borrowers can get a digital sanction letter shortly after submitting the application form.
They also provide pre-approved offers on home loans which not only make the process of availing funds simple but also help save time. Such offers can also be availed on other financial products like loans against property. You can check your pre-approved offer by entering only a few details like your name and contact number.
List of documents required to apply for an online home loan
You must provide proper documentation when sending your home loan online application for quick processing and approval. Additionally, you should also know more about tips to get your home loan approved instantly.
Applicants must furnish the following documents along with any other relevant proofs specified by lending institutions during the application procedure. These documents are standard for both salaried and self-employed individuals.
- Passport size photograph
- Property documents – It includes Sales deed, occupancy certificate, NOC from builder or housing society, possession certificate, land tax receipt from concerned authorities or any other officially valid documents.
- KYC documents – PAN card, Aadhaar Card, Voter ID, Driving Licence, Passport, etc.
Also, given below are the documents to be provided by self-employed and salaried applicants separately –
- Salaried applicants –
- Proof of income, which includes Form 16, latest payslip, etc.
- Bank account statement of the previous six months.
- Self–employed applicants –
- Proof of business existence like PAN, Trade License, Import-Export Code, Articles of Association, Memorandum of Association, Partnership Deed. SEBI registration certificate, ROC registration certificate, etc.
- Eligibility criteria for a home loan
Before starting with the home loan online application process, check the e-home loan eligibility criteria set by lending institutions to make sure you meet all the requirements. The standard requirements have been given below –
- Salaried Employees
- They must be a residing citizen of India.
- Age should be within 23 – 62 years.
- They should also have work experience of three years or more.
- Applicants must also maintain a high CIBIL score, preferably above 750.
- Minimum salary should be Rs.25,000.
- Self–employed individuals
- Applicants must have a good CIBIL score of 750 and above.
- They should be residential citizens of India.
- They should own a business operating for five years or more.
- Self-employed individuals must have a regular source of income.
Apart from knowing the eligibility criteria for a home loan, applicants can use online tools like eligibility calculator to check the loan amount that they can qualify for. Go through the steps below to gain an idea regarding how to use the eligibility calculator –
- Navigate to the home loan section on a lending institution’s official website or search for home loan eligibility calculator online.
- Provide the required information which includes your date, city or place of residence.
- Next enter your monthly salary, tenor, another source of income (if any), current obligations or debts.
- Verify the information and submit to know the home loan amount you are eligible for.
One can gain from the many benefits of EMI calculation before availing a home loan. For instance, it will enable borrowers to compare lending institutions and opt for a home loan that suits their financial plan.
Apart from the application procedure, you should know about the fees associated with your home loan in advance. A few charges that you would need to pay immediately after your home loan online application is approved include processing fees, loan statement charges, mortgage origination fee, secure fee, interest and principal statement charges. Other charges include penal fees, EMI bounce charges, prepayment and foreclosure charges, etc.