Getting a home loan online Vs Offline Home Loan – Which Is the best?

Getting a home loan online Vs Offline Home Loan – Which Is the best? in 2022

We cannot envisage a life without technology in today’s world. This technology has made life easier for the average person. Even people in remote areas have embraced smart technologies such as smartphones, smartwatches, and smart televisions. People’s lives have become more convenient as a result of technology advancements, as they no longer have to stand in lengthy lines to pay energy bills or go out to buy daily vegetables, groceries, phone recharges, or visit banks for statements, among other things. All of this is now possible with the simple click of a button from the comfort of our own homes while sitting back with a coffee mug.

While everything around us is evolving and improving, the home loan sector is no exception. Especially after the pandemic outbreak, when the mortgage industry’s sales numbers suffered, the online presence of home loan processing became prominent after the lockdown, paving the way for mortgage lenders such as ICICI Bank Ltd., HDFC Bank & HDFC Ltd., and others to enter the world of online housing loan processing by launching their customer friendly user portals for processing paperless loans through online home loan applications.

Although physical offline processing for home loans is still available, the online process to “apply for housing loan online” has gained traction over the offline process since its inception, owing to its benefits such as easy and quick processing, hassle-free documentation, and online loan tracking, and so on. The option to use a standard offline home loan procedure or an online process is entirely up to the house loan borrower, but it is critical that he understands the following benefits and drawbacks of both processes before applying for a home loan.

Home Loan Comparison: Getting a home loan online Vs Offline Home Loan

The only difference between an offline and an online house loan is the process of loan approval. The only difference between the two is whether the home loan is applied digitally or physically. No lender has yet implemented digitization of the full housing loan process from application to disbursement. Lender institutions who have chosen to use online digital platforms solely process borrowers’ home loan applications for loan sanctioning. However, the offline approach is prominent for distribution. Let us first examine the individual process.

What is the Offline Mortgage Process?

It is the traditional method of completing a house loan application in which the loan borrower physically signs and submits bank application forms along with crucial documents such as KYC, income documents, and property papers. Borrowers may also be required to visit the branch to apply for a home loan and produce hard copies of the required home loan documentation, particularly when applying for a home loan with a nationalized bank. Because the submitted documents are physically verified and scrutinized at various processing desks such as RCU-document scrutiny, Risk desk-CIBIL check, application form check, credit scrutiny, home loan eligibility calculation, and finally credit manager’s personal discussions with the borrower to establish loan credibility, the offline process nearly takes 7-10 working days for the loan to sanction.

Because everything is done manually offline, including manual processing and manual submission of hard copies, there is a risk that essential papers will be misplaced or lost while in transit. The offline approach is typically appropriate for house loan customers who are not computer knowledgeable and who prefer to receive personal one-on-one treatment from bankers.

What is the Online Home Loan Application Process?

It is a novel web-based method of paperless processing of a house loan application using mortgage providers’ online portals. It is a whole online loan approval process. The borrower is not required to go to the branch, sign the agreement, or make photocopies of the paperwork. The forms are filled online and saved digitally, allowing the borrower to apply for an immediate house loan from anywhere with a single click by visiting the lenders’ secure online portal and submitting the paperwork. In comparison to the offline house loan process, this is a less time-consuming and faster method. All that is required is a computer/smartphone and an interest. To take advantage of this quick process, the borrower must be an internet whiz. Even if you are not, don’t worry; Hindinews24x is here to help; contact us at any moment. The online approach is straightforward; the borrower must just register on the lender’s portal/website, fill out the application form with the necessary information, upload the documents, and submit. The borrower can also use the home loan eligibility calculator to check his loan eligibility online. (Click the links for a full list of papers required until payout, salaried resale case/salaried builder case, self-employed resale case- Proprietor/Partnership Firm/Pvt. Ltd. Co., self-employed builder case- Proprietor/Partnership Firm/Pvt. Ltd. Co.)

With an online method, tracking online housing loan applications is very simple and convenient. Unlike the offline process, which requires extensive follow-up with banking personnel, the progress on the file is regularly updated online from time to time, making it easier to track the file status. (By Hindinews24x, learn how to apply online for a home loan, mortgage loan, or loan transfer.) The primary advantages of obtaining a house loan online are listed below.

  • Processing home loan applications is simple and quick.
  • Home loan approval is granted more quickly.
  • Can be used anywhere, even from the comfort of your own home.
  • There is no need to sign a multi-page home loan application form.
  • Find out your home loan eligibility instantly. (Use Hindinews24x’s EMI calculator to quickly and easily determine your eligibility.)
  • The simple and straightforward procedure with standing instructions available on the webpage and prompting pointers to fill in the necessary details.
  • The gateways are safe and easy to use.
  • There is no need to visit the lending branch many times, which saves time.
  • Simple documentation. Simply upload the necessary paperwork. The documents that are necessary will be listed on the portal/website.
  • The loan application can be easily tracked. There is no need to follow up with bank managers.

What papers must be uploaded in order for the loan to be approved?

For an online bank house loan, the borrower must upload the following documents:

  • 1) KYC (of the applicant and co-applicants) – Pan Card, Aadhar Card, Recent Passport Size Photograph, Office Proof, and Residence Proof.
  • 2) Income Documents (just for the applicant/co-applicant whose income will be evaluated for the loan application):
  • 4 months Salary Slips, 6 months Bank Account Statement, and 2 years Form 16.
  • 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account, 12 months bank account statements of all bank accounts savings + current account for self-employed

 

  • 1) One must be technically aware in order to apply for quick house loans online. Must be familiar with computers and the internet.
  • 2) You must have access to a reliable internet connection.
  • 3) Maintain a balance in the bank account to cover non-refundable login fees.
  • 4) Keep the essential documents ready to upload online for the home loan online application.

Online vs. Offline Home Loan Comparison Chart

Online Home Loans Offline Home Loans
Turnaround time (TAT) Speedy process. The loan is sanctioned within 3-5 working days.No follow-ups or push-ups are required. Time-consuming. The loan is sanctioned within 7-10 working days. Hard push-ups are required for speedy processing.
Tracking of application Easy. File status is uploaded online from time to time. Hard follow-ups with bankers.
Eligibility Prompted instantly on feeding the important financial data. The actual calculation is a time taking process.
Documentation Hassle-free. Documents can be easily uploaded on the portal.No risk of loss of documents in transit. Hard copies of the documents need to be submitted. Risk of documents being misplaced or lost in transit.
Loan Charges The processing fees (PF) and other relevant charges are displayed on the portal along with any PF offers. At times complete charges are not communicated at the time of login.
Suitable For Those who are tech-savvy. Those who believe in taking personal one-to-one services from the banker.

 

  • The finest bank for a mortgage.
  • Best banks in India for mortgage loans
  • Guaranteed low-interest rates on property loans in Mumbai.
  • Mumbai has the lowest home loan rates.
  • Mumbai instant loan
  • Personal loans in Mumbai and business loans in Mumbai are available immediately.
  • Balance transfer of a house loan at a low cost.

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News Source: Hindinews24x.in

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