{"id":502,"date":"2021-01-10T11:04:41","date_gmt":"2021-01-10T11:04:41","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=502"},"modified":"2022-08-23T12:05:41","modified_gmt":"2022-08-23T12:05:41","slug":"online-vs-offline-home-loan","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/finance\/online-vs-offline-home-loan\/","title":{"rendered":"Online Vs Offline Home Loan – Which One Is Better?"},"content":{"rendered":"\n
\"Online<\/figure>\n\n\n\n
While everything around is changing and meliorating rapidly, how can the home loan industry lag? \u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026<\/em><\/strong> For online home loan processing, all you need is an internet connection and a machine (laptop\/desktops\/computers\/mobile phones).<\/em><\/strong> <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

In\ntoday\u2019s scenario we cannot imagine a life without technology. It is this\ntechnology that has eased the life of a common man. Even the population in the\nrural areas has elevated to smart gadgets by using the smartphones,\nsmart-watches and smart-televisions. This technological advancement has made\nlife convenient for people since they no longer have to wait in long queues for\nutility bill payments or step out to buy daily veggies, groceries, for phone\nrecharge, visit banks for statements, etc. The technology has made all this\npossible simply just at a click of a button from the comfort of our homes while\nsitting relaxed with a coffee mug. <\/p>\n\n\n\n

While\neverything around is changing and meliorating rapidly, even the home loan\nindustry is no more an exception. Especially after the pandemi<\/strong><\/a>c outbreak when the sale numbers of the mortgage\nindustry took a toll, the online presence of the home loan processing became\nprominent after the lockdown which paved the way for mortgage lenders such as\nICICI Bank Ltd., HDFC Bank & HDFC Ltd., etc. to step into the world of online housing loan\nprocessing by launching their customer friendly user portals for processing\npaperless loans through online\nhome loan applications. <\/p>\n\n\n\n

Although\nthe physical offline processing for home loan still continues, the online\nprocess to \u201capply for\nhousing loan online\u201d has gained momentum over the offline process since\nits inception mainly because of its merits which are easy and speedy\nprocessing, hassle free documentation, online loan tracking, etc. Whether to\nfollow a traditional offline home loan process or opt for an online process, is\npurely a discretion of the home loan borrower, however it is of vital\nimportance that he understands the following merits and demerits of both\nprocesses before making a decision to apply for home loan. <\/p>\n\n\n\n

The Offline Vs Online Home Loan Comparison\n<\/strong><\/h2>\n\n\n\n

The\noffline and online home loan differ only till the process of home loan\nsanction. The fact that the home loan is applied digitally & or physically\nis the only base for differentiation between the both. The digitalization of\nthe entire housing loan process till disbursement is yet not in practice with\nany lender. Lender banks who have opted for online digital platforms only\nprocess the borrower\u2019s home loan applications for loan sanctions. For\ndisbursement, yet the offline process is prominent. Let’s understand the\nindividual process.<\/p>\n\n\n\n

What is the Offline Home Loan\nProcess?<\/strong><\/h2>\n\n\n\n

It\nis the traditional way of processing an home loan application where the loan\nborrower undergoes the process of physical signing and submission of bank\napplication forms along with the key documents i.e.KYC, income documents &\nproperty papers. The borrower also might require to visit the branch to apply for home loan<\/strong><\/a> and to submit the hard\ncopies of the home loan documents\nrequired<\/strong><\/a> especially while applying for a house loan<\/strong><\/a> with nationalized banks. The\noffline is a time consuming process which nearly takes 7-10 working days for\nthe loan to sanction mainly because the submitted documents are physically\nverified and scrutinized at various processing desks such as RCU- document\nscrutiny, Risk desk- CIBIL<\/strong><\/a> check, application form check, credit scrutiny, home loan\neligibility<\/strong><\/a> calculation and finally credit manager\u2019s personal\ndiscussions with the borrower to establish the loan credibility. <\/p>\n\n\n\n

In\noffline since everything is done manually, manual processing and manual\nsubmission of the hard copies, there are possibilities that important documents\nmay get misplaced or lost while in transit. The offline process is usually\nsuitable for those home loan borrowers who are not internet savvy and for those\nwho believe in obtaining personal one-to-one services from the bankers. <\/p>\n\n\n\n

What is the Online Home Loan Process?<\/strong><\/h2>\n\n\n\n

It\nis a new web based way of paperless processing of an home loan application\nthrough online portals of the mortgage lenders. It is an end-to-end online loan\napproval process. The borrower need not visit the branch or sign the agreement\nor make photocopies of the documents. The forms are filled online and stored\ndigitally thus making it convenient for the borrower to apply for an instant home loan<\/strong><\/a> from anywhere just at a\nclick by simply visiting the secured online portal of the lenders and uploading\nthe documents. This is a less time consuming and speedy process in comparison\nto the offline home loan process. A computer\/smartphone and an interest is all\nwhat is required. The borrower must be internet geeky to make use of this\nspeedy process. However even if you are not, no worries, Loanfasttrack<\/strong><\/a> is at your rescue; anytime\nget in touch with us. The online process is simple, the borrower has to simply\nregister himself on the lender\u2019s portal \/ website, fill in the application form\nwith required requisites, upload the documents and submit. The borrower can\nalso check his home loan\neligibility<\/strong><\/a> online using the home loan eligibility calculator<\/strong><\/a>. (Click the links to get a\ncomplete list of documents till disbursement, salaried resale case<\/strong><\/a>\/salaried builder case<\/strong><\/a>, self-employed resale case- Proprietor<\/strong><\/a>\/Partnership Firm<\/strong><\/a>\/Pvt. Ltd. Co.<\/strong><\/a>, self-employed builder case- Proprietor<\/strong><\/a>\/Partnership Firm<\/strong><\/a>\/Pvt. Ltd. Co.<\/strong><\/a>)<\/p>\n\n\n\n

Tracking\nof online\nhousing loan applications is also\neasy and convenient with an online process. Unlike the offline process where\nheavy follow ups with banking personals are required, in online processing the\nprogress on the file is regularly updated online from time-to time making it\neasy to track the file status. (Learn How To Apply Online For Home Loan, Mortgage Loan & Loan\nTransfers \u2013 By Loanfasttrack<\/strong><\/a>.<\/a>)Given below are the key\nbenefits to get home<\/strong><\/a> loan online<\/strong><\/a>. <\/p>\n\n\n\n

  1. Easy and speedy way of\nprocessing home loan applications.<\/li>
  2. Faster sanctioning of home\nloan.<\/li>
  3. Can be applied from anywhere\nfrom the comfort of your home.<\/li>
  4. No need to sign a physical\nmulti-paged home loan application form.<\/li>
  5. Get to know the home loan eligibility instantly<\/strong><\/a>. (For an easy and speedy way to\ncalculate your eligibility – use Loanfasttrack\u2019s EMI calculator<\/strong><\/a>.)<\/li>
  6. Simple and easy process with\nstanding instructions available on the portal with prompting pointers to fill\nin the required details. <\/li>
  7. The portals are secured and\nuser friendly. <\/li>
  8. Time saving process, no need\nto make multiple visits to the lender branch. <\/li>
  9. Easy documentation. Simply\nupload the required documents. The required set of documents will be listed on\nthe portal\/website.<\/li>
  10.  Easy tracking of the loan application. No need\nfor hard follow ups with the bank managers. <\/li><\/ol>\n\n\n\n
    \n Apply For <\/strong><\/a>HDFC Home Loan\n Online<\/strong><\/a> – Get A Link.<\/strong><\/a><\/strong>\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    What documents need to be uploaded\nfor the loan approval? <\/strong><\/h2>\n\n\n\n

    The\nborrower needs to upload the following documents for online bank home loan:<\/p>\n\n\n\n

    1)\nKYC (Of applicant & co-applicants) – Pan Card, Aadhar Card, Latest Passport\nsize photograph, Office proof & Residence Proof.<\/p>\n\n\n\n

    2)\nIncome Documents (only of the applicant\/co-applicant whose income is to be\nconsidered for loan application): <\/p>\n\n\n\n

    1. For Salaried – 4 months\nSalary Slips, 6 months Bank Account Statement & 2 years Form 16.<\/li>
    2. For Self-1employed – 3 years ITR with Saral Copy, Balance Sheet,\nP&L Account, Capital Account, 12 months bank account statements of all bank\naccounts savings + current account.<\/li><\/ol>\n\n\n\n

      Prerequisites to opt for quick home loans online<\/strong><\/h2>\n\n\n\n

      1)\nOne needs to be tech-savvy. Must have online knowledge of computers and the\ninternet.<\/p>\n\n\n\n

      2)\nMust have access to a good internet connection.<\/p>\n\n\n\n

      3)\nKeep balance in the bank account for upfront deduction of non-refundable login\nfees.<\/p>\n\n\n\n

      4) Must\nkeep the required set of documents ready to be uploaded online for home loan online\napply.<\/p>\n\n\n\n

      \n Apply For <\/strong><\/a>ICICI Bank Home\n Loan Online<\/strong><\/a> – Get A Link.<\/strong><\/a>\n  \n Get Home Loan Sanctioned Online Within 8 Working Hours\n With Express Home Loan Of ICICI Bank<\/strong><\/a><\/strong>\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Instant Comparison Chart For Online\n& Offline Home Loans<\/strong><\/h2>\n\n\n\n
      \n  \n <\/td>\n Online Home Loans<\/strong>\n <\/td>\n Offline Home Loans<\/strong>\n <\/td><\/tr>
      \n Turnaround time (TAT) \n <\/td>\n Speedy process.Loan is sanctioned within 3-5 working days.No follow ups or push-ups required.\n \n \n <\/td>\n Time consuming.Loan is sanctioned within 7-10 working days.Hard push-ups required for speedy\n processing.\n \n \n <\/td><\/tr>
      \n Tracking of application\n <\/td>\n Easy. File status is uploaded online from\n time-to-time.\n <\/td>\n Hard follow-ups with bankers.\n <\/td><\/tr>
      \n Eligibility \n <\/td>\n Prompted instantly on feeding the important\n financial data.\n <\/td>\n Actual calculation is a time taking process.\n <\/td><\/tr>
      \n Documentation \n <\/td>\n Hassle free. Documents can be easily\n uploaded on the portal.No risk of loss of documents in transit.\n \n <\/td>\n Hard copies of the documents need to be\n submitted. Risk of documents being misplaced or lost in\n transit.\n \n <\/td><\/tr>
      \n Loan Charges\n <\/td>\n The processing fees (PF) and other relevant\n charges are displayed on the portal along with any PF offers.\n <\/td>\n At time complete charges are not\n communicated at the time of login. \n <\/td><\/tr>
      \n Suitable For \n <\/td>\n Those who are tech-savvy.\n <\/td>\n Those who believe in taking personal\n one-to-one services from the banker.\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      With\nthe help of online\nhome loan companies such as Loanfasttrack<\/strong><\/a> it is easier\nfor the borrower to compare the best banks for housing loans<\/strong><\/a> just at a\nclick. Whether online or offline whichever way you prefer, Loanfasttrack will\nprovide you with timely assistance round the clock with its years of experience\nin mortgage industry offering loan services in Mumbai on– housing loan in\nMumbai<\/strong><\/a>, mortgage loan in\nMumbai<\/strong><\/a>, personal loan in\nMumbai<\/strong><\/a>,<\/a> <\/a>business Loan in\nMumbai<\/strong><\/a>, unsecured\nbusiness loans<\/strong><\/a>,home loan transfe<\/strong><\/a>r<\/strong><\/a>, top-up loans, car loans<\/strong><\/a> and loan transfers<\/strong><\/a>. Loanfasttrack is a Mumbai based loan\nprovider company since 2015 & is a direct sales associate with leading\nbanks namely, ICICI Bank<\/strong><\/a>, HDFC Ltd<\/strong><\/a>, Canara Bank<\/strong><\/a>, Citi Bank, Piramal Housing Finance,\netc.<\/p>\n\n\n\n

      Visit <\/a>www.loanfasttrack.com<\/strong><\/a>. <\/p>\n\n\n\n

      Seek\nexpert advice on 9321020476<\/strong>. <\/p>\n\n\n\n

      You\ncan also email on info@loanfasttrack.com<\/strong><\/a>.<\/p>\n\n\n\n

      Loanfasttrack\u2019s specialized services includes\nproviding:<\/p>\n\n\n\n