Online Vs Offline Home Loan – Which One Is Better?
|While everything around is changing and meliorating rapidly, how can the home loan industry lag? ……………………………… For online home loan processing, all you need is an internet connection and a machine (laptop/desktops/computers/mobile phones).|
In today’s scenario we cannot imagine a life without technology. It is this technology that has eased the life of a common man. Even the population in the rural areas has elevated to smart gadgets by using the smartphones, smart-watches and smart-televisions. This technological advancement has made life convenient for people since they no longer have to wait in long queues for utility bill payments or step out to buy daily veggies, groceries, for phone recharge, visit banks for statements, etc. The technology has made all this possible simply just at a click of a button from the comfort of our homes while sitting relaxed with a coffee mug.
While everything around is changing and meliorating rapidly, even the home loan industry is no more an exception. Especially after the pandemic outbreak when the sale numbers of the mortgage industry took a toll, the online presence of the home loan processing became prominent after the lockdown which paved the way for mortgage lenders such as ICICI Bank Ltd., HDFC Bank & HDFC Ltd., etc. to step into the world of online housing loan processing by launching their customer friendly user portals for processing paperless loans through online home loan applications.
Although the physical offline processing for home loan still continues, the online process to “apply for housing loan online” has gained momentum over the offline process since its inception mainly because of its merits which are easy and speedy processing, hassle free documentation, online loan tracking, etc. Whether to follow a traditional offline home loan process or opt for an online process, is purely a discretion of the home loan borrower, however it is of vital importance that he understands the following merits and demerits of both processes before making a decision to apply for home loan.
The Offline Vs Online Home Loan Comparison
The offline and online home loan differ only till the process of home loan sanction. The fact that the home loan is applied digitally & or physically is the only base for differentiation between the both. The digitalization of the entire housing loan process till disbursement is yet not in practice with any lender. Lender banks who have opted for online digital platforms only process the borrower’s home loan applications for loan sanctions. For disbursement, yet the offline process is prominent. Let’s understand the individual process.
What is the Offline Home Loan Process?
It is the traditional way of processing an home loan application where the loan borrower undergoes the process of physical signing and submission of bank application forms along with the key documents i.e.KYC, income documents & property papers. The borrower also might require to visit the branch to apply for home loan and to submit the hard copies of the home loan documents required especially while applying for a house loan with nationalized banks. The offline is a time consuming process which nearly takes 7-10 working days for the loan to sanction mainly 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 the loan credibility.
In offline since everything is done manually, manual processing and manual submission of the hard copies, there are possibilities that important documents may get misplaced or lost while in transit. The offline process is usually suitable for those home loan borrowers who are not internet savvy and for those who believe in obtaining personal one-to-one services from the bankers.
What is the Online Home Loan Process?
It is a new web based way of paperless processing of an home loan application through online portals of the mortgage lenders. It is an end-to-end online loan approval process. The borrower need not visit the branch or sign the agreement or make photocopies of the documents. The forms are filled online and stored digitally thus making it convenient for the borrower to apply for an instant home loan from anywhere just at a click by simply visiting the secured online portal of the lenders and uploading the documents. This is a less time consuming and speedy process in comparison to the offline home loan process. A computer/smartphone and an interest is all what is required. The borrower must be internet geeky to make use of this speedy process. However even if you are not, no worries, Loanfasttrack is at your rescue; anytime get in touch with us. The online process is simple, the borrower has to simply register himself on the lender’s portal / website, fill in the application form with required requisites, upload the documents and submit. The borrower can also check his home loan eligibility online using the home loan eligibility calculator. (Click the links to get a complete list of documents till disbursement, 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.)
Tracking of online housing loan applications is also easy and convenient with an online process. Unlike the offline process where heavy follow ups with banking personals are required, in online processing the progress on the file is regularly updated online from time-to time making it easy to track the file status. (Learn How To Apply Online For Home Loan, Mortgage Loan & Loan Transfers – By Loanfasttrack.)Given below are the key benefits to get home loan online.
- Easy and speedy way of processing home loan applications.
- Faster sanctioning of home loan.
- Can be applied from anywhere from the comfort of your home.
- No need to sign a physical multi-paged home loan application form.
- Get to know the home loan eligibility instantly. (For an easy and speedy way to calculate your eligibility – use Loanfasttrack’s EMI calculator.)
- Simple and easy process with standing instructions available on the portal with prompting pointers to fill in the required details.
- The portals are secured and user friendly.
- Time saving process, no need to make multiple visits to the lender branch.
- Easy documentation. Simply upload the required documents. The required set of documents will be listed on the portal/website.
- Easy tracking of the loan application. No need for hard follow ups with the bank managers.
What documents need to be uploaded for the loan approval?
The borrower needs to upload the following documents for online bank home loan:
1) KYC (Of applicant & co-applicants) – Pan Card, Aadhar Card, Latest Passport size photograph, Office proof & Residence Proof.
2) Income Documents (only of the applicant/co-applicant whose income is to be considered for loan application):
- For Salaried – 4 months Salary Slips, 6 months Bank Account Statement & 2 years Form 16.
- For Self-1employed – 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.
Prerequisites to opt for quick home loans online
1) One needs to be tech-savvy. Must have online knowledge of computers and the internet.
2) Must have access to a good internet connection.
3) Keep balance in the bank account for upfront deduction of non-refundable login fees.
4) Must keep the required set of documents ready to be uploaded online for home loan online apply.
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Instant Comparison Chart For Online & Offline Home Loans
|Online Home Loans||Offline Home Loans|
|Turnaround time (TAT)||Speedy process.Loan is sanctioned within 3-5 working days.No follow ups or push-ups required.||Time consuming.Loan is sanctioned within 7-10 working days.Hard push-ups 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.||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 time 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.|
With the help of online home loan companies such as Loanfasttrack it is easier for the borrower to compare the best banks for housing loans just at a click. Whether online or offline whichever way you prefer, Loanfasttrack will provide you with timely assistance round the clock with its years of experience in mortgage industry offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a Mumbai based loan provider company since 2015 & is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.
Seek expert advice on 9321020476.
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