Benefits of Submitting a Digital Home Loan Application in Current Times

Most individuals, regardless of their socio-economic standing, would prefer to buy a house through finance companies as it lets them obtain high-value loans without the fear of draining their hard-earned savings. Some of them also opt for a loan to avail of the tax exemptions, which happen to be one of the major benefits of a Home Loan in India. However, the extensive paperwork involved in Home Loan processing and the possibility of multiple visits to the lender can deter aspiring Home Loan borrowers. 

Additionally, the need for physical verification of all the documents and numerous checkpoints in the loan approval process could delay loan sanctions. Monitoring and tracking the status of loan applications may also pose a severe problem. Digital Home Loans can efficiently bridge these procedural gaps increasing transparency and productivity.  

Digital Lending Is the Way Forward in Today’s World 

In recent times, demonetisation and the Covid-19 pandemic have provided a digital push, turning the wheels of technological revolution towards digitalisation in the finance sector, or fintech. Fintech-powered digital lending has made Home Loan disbursals easier with proven proficiency in areas such as those listed below: 

1. Consistency in Loan Management 

Lenders seek more consistency in the loan approval process and in portfolio management, which is effectively attained by implementing integrated data in a single loan origination system. 

2. Operational Efficiency

Digital lending processes can bring down overheads by 30% to 50%*. This may save more time and money, providing significant opportunities for business growth. The concept of a single platform increases efficiency by eliminating probable operational hurdles in IT support, staff training, and vendor administration.  

3. Enhanced Profitability

Lenders can channelise more time and expenses throughout the commencement and portfolio management stages to generate new ventures and raise productivity. Optimising technology will enable them to control costs based on the efficacy of a single lending platform. 

4. Security in Lending 

Paperless procedures will act as a safeguard when lenders transfer large amounts of supporting documentation through underwriting. It will also simplify and standardise portfolio management, adding a solid structure. Furthermore, the Reserve Bank of India-mandated guidelines followed by authorised lending platforms will offer secure data storage, communication and transaction avenues for both borrowers and lenders. 

5. Process Flexibility

The pandemic has sharply underscored the importance of having a secure 24x7 digital route dedicated to servicing borrowers remotely. Cloud and mobile technologies grant enhanced operational mobility wherever one may be located—at the branch, at home, or on the go.

Read Also: All You Should Know About Home Loan Disbursement and Sanctioning Process 

Stellar Features of Digital Home Loans 

As digitalisation rapidly changes the Home Loan ecosystem, individuals should familiarise themselves with the online loan application process to ensure maximum convenience. The features mentioned below are aimed at enriching the overall borrowing experience: 

Remote Applications

Online Home Loan applications let you buy real estate from the comfort of your residence. Digital forms usually require basic details and can be easily submitted within 10 minutes. Many lenders even extend pre-approved Home Loan offers and grant a conditional sanction letter. This allows you to search for your dream house within a set budget and make future EMI repayments comfortable. 

Easy Accessibility

Digital lending, although imperative in present times, must include individuals who have limited online exposure. The easy-to-navigate and user-friendly formats of  online Home Loan applications prove helpful in this regard. Besides, the instructions issued for the process are self-explanatory and available in a variety of regional languages, ensuring that language or usage restrictions do not impede certain applicants from accessing digital lending services.  

On a more practical note, lenders also offer different options for self-assessing Home Loan affordability through online tools like a Home Loan EMI Calculator, Home Loan Eligibility Calculator and more. These financial tools enable you to check various loan scenarios until you find the one that fits the bill. Based on essential loan variables, they forecast your tentative EMI pay-outs, loan eligibility, suitable tenor, ideal loan amount, etc. providing a deeper insight into how the loan might impact your repayment capacity and budget. The estimates let you tailor the house loan for cost efficiency and specific needs.  

Versatile Channels

One can apply for an online Home Loan across several digital platforms such as the lender’s website, customer portals, online applications, social media platforms and even texting applications. Cross-channel versatility helps to draw diverse traffic and aids customer retention. 

Speedy Mechanisms

The biggest benefit of an online home loan application process is the speed at which you may receive Home Loan approvals and the subsequent loan disbursal, provided you meet the lender’s eligibility criteria and documentation requirements. Many lenders guarantee Home Loan approvals in just 24 hours* and disbursals within 72 hours* of application approval. Prompt sanctions eliminate unnecessary snags in your home buying journey so that you don’t lose out on your preferred property due to funding roadblocks.  

However, applicants should note that the entire Home Loan process cannot be carried out online since some processes such as document verification warrant physical intervention. To address this, lenders offer document pick-up services from the applicant’s workplace or residence for faster loan approvals leaving no room for time lags.  

Also Read: A Quick Guide to Securing a Better Interest on Home Loans 

Benefits of Applying for a Digital Home Loan 

There are immense benefits of digital lending platforms. They provide multiple lender options personalised as per borrower profiles. One can compare the loan amount, repayment tenor and other essential details to receive attractive deals. As a result of effective digital lending platforms, lenders may extend to borrowers the benefits of decreased costs, resulting in lower interest rates and cheaper credit.   

Tech-based loan offers and applications make the lending process instantaneous, saving considerable time. Since all the data remains online, it streamlines the loan application and documentation process with consistent transparency. These conveniences allow consumers to research and pick loan schemes while they also select their property of choice on the side. They may get three to six months to compare and select the ideal deal. Apart from securing an instant e-sanction, they can also freeze their budget to manage their finances well. 

The Home Loan industry is poised for an accelerated surge ahead with technology-driven processes. To make the most of industry-best pricing and exclusive offers, apply for an online housing loan with Bajaj Housing Finance. It is not only safe and easy but in keeping with modern needs and demands, it acts as a one-stop shop where you can scout around for housing loans, choose the best option and apply online. Upon securing the Home Loan, you can access your loan account and check for regular updates, pay your EMIs, download official documents or avail of other services from any location through your lender’s customer portal or mobile app.  

Also Read: Smart Things to Consider Before You Apply for a Home Loan 

*Terms and conditions apply.