In today’s world, the time taken to buy a home is equivalent to the time it takes for a home loan to be sanctioned. With technology and a streamlined process, the Indian financial sector has advanced to another level wherein instant online home loans are a reality. Imagine buying a home, renovating a home, refinancing a home are all a click away. The word “instant” has brought a huge smile on the faces of buyers because they now can get approval for a home loan online instantly. There is no place like ‘home’ and with online home loan approvals you can own the home you desire.
Advantages of online home loan approval:
To begin with, people are unsure about whether they can get approval for a huge sum of money online. With online home loans, you can now check your loan eligibility within a few minutes. Once you submit the application, which is a quick and easy process, an instant conditional approval is provided. Along with the approval some NBFCs also proffer special offers on the rate of interest and processing fees, flexible repayment options, insurance options etc.
Features of Instant Home Loan:
- Amount: A home loan amount primarily depends on the borrower’s capability to repay the money and is generally restricted to a maximum of 80% of the price of the property or the cost of construction as applicable.
- Tenure: The maximum permissible tenure of your home loan is usually 20 years. Nevertheless, for salaried customers it is capped till their retirement age. The rules regarding the tenure varies from lender to lender.
- Instant eligibility: Every customer’s home loan eligibility is different. It depends upon his/her age at the time of loan approval, profile, fixed monthly obligations, and income. The fundamental eligibility criteria are:
- Candidate must be at least 21 years of age at the date of loan sanction.
- Candidate must be salaried or self-employed with a proper regular source of income.
- Minimum age of co-applicant should be 18 years at the date of sanction of the loan.
Wondering how to Enhance your Eligibility?
There are ways to increase your chances of getting approved as well as the amount you are getting approved for in the case of an instant online home loan. Consider this: Is your spouse an earning member? If yes, the good news is that you may choose to make him or her a co-applicant in the loan and club his/her income. The income of your spouse would be taken into consideration by the lender and would enhance your eligibility.
How to Apply for Home Loan Online?
These days most of the banks and other financial organizations offer loan approval on the internet. A quick and methodical online survey would give you a list of such organizations. Compare the policies, interest rate, and documentation as required before finalizing an online lender. Online lenders have made it possible to get instant home loan approval basically by visiting their site and submitting your details via an online form. The fields in the form include; City in which property is based, purpose of loan (buy new property, extend an existing property, construct a house or other options), residency status, type of employment, date of birth, your name, your mobile number, email id, and other details regarding the co-applicant.
Use an online home loan eligibility calculator to compute the amount that you are eligible for. The tool gives the most precise estimate of home loan that you can borrow from a lender. However, the amount would vary depending on the parameters that you set.