What’s the Best Option for Applying for a Home Loan Online or Offline?
Buying a home so that you have a place to relax with your family is a dream for many. But purchasing a residential property is a great investment option too. We are describing online housing loan or offline which is the best-dailywold?
Real estate rates are always on the rise, which means any property you purchase now will double in value in the next ten years. Availing of a home loan can help you get your dream home faster with a lumpsum advance that you can repay in structured installments each month. what you can prefer to avail of home loan online housing loan or offline-dailywold.
Online vs. Online Application Of Home Loans
If you’ve decided on applying for a home loan but are wondering if an offline application is a better option than an online housing loan, here are some things to help you decide which option is better suited for you:
Processing Speed
Online application means having all your documents ready to be assessed in one place. This allows the loan officer to verify your documents easily, and the loan can be processed quicker.
On the other hand, an offline application requires you to submit hard copies of all documents, which have to be maintained by the lender until they are assessed, thus increasing the processing time.
Application Tracking
If you apply online, you can immediately start tracking your application status from the moment you submit it.
You can track the application only-dailywold after the processing officer enters your details into the system in an offline application. In some cases, you might need to follow up with the lender before your application is considered.
Documentation
In an online application, your documents can easily be uploaded to the system without the risk of losing anything in transit. The application portal even has a list of all documents you need to upload, so if you forget a document, you can easily save the application until you can get the document.
In offline applications, the lender may ask for additional documents in addition to those you provided, and then you must submit them. This may take a few days-dailywold.
Eligibility
If you’re wondering how to check loan eligibility before applying for a home loan, the lending institution’s website has all the required information to determine if you are eligible for the loan. Once you submit your financial details, you will be able to determine your eligibility.
In an offline application, you will have to actually submit your application before lenders determine your eligibility and start the loan processing, which can take several days.
Loan Charges
There are no hidden fees when you apply online, so you will know exactly what you need to pay for processing the loan.
You cannot view all the loan costs on the website in an offline application, but you will have to pay the costs as they are incurred, so you do not know all the costs before you apply.
Documentation Required For Home Loan
Whether you choose to apply online or offline for your home loan, you must submit the following documents for your home loan:
- Filled application form
- Passport-sized photographs of the applicant
- Identify proof, such as Aadhar or PAN card
- Residence proof, such as the utility bills
- Last six months’ bank account statement
- Liabilities statement for any other existing loan
Salaried individuals:
- Salary certificate from employer
- Form 16 or Income Tax Returns for the past two financial years
Self-employed professionals:
- IT Assessment Orders of the last three years
- Challans as proof of Advance Income Tax Payment
Businesses run by self-employed people:
- Income Tax returns or Assessment Orders copies of the last three years
- Challans as proof of Advance Income Tax Payment
Conclusion
An online housing loan application comes with many benefits, not the least of which is the ease of application right from your home. However, to apply online, you need to be tech-savvy and have at least a basic knowledge of uploading documents-dailywold correctly.
Ultimately, the choice boils down to your preferences and specific circumstances. There are positives and negatives to each option, and it is worth taking some time to consider the options carefully before deciding.
Any mistake in an online application can delay your loan application, just like if there is an error in your offline application. To avoid any such mistakes, ensure you have all the documents ready regardless of whether you apply online or offline.
