5 Benefits of Applying for a Home Loan Online

Updated on: 14 Dec 2021 // 20 min read // Home Loans
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Living in a home that resonates your lifestyle preferences, and that of your loved ones is a dream come true. However, maybe you do not have access to the hefty amount of funds required to purchase your dream home. It is at this very point that Home Loans come to your rescue and offer you the much-needed credit so that you can go ahead with this significant purchase. However, finding a Home Loan that best suits your needs is easier said than done.

A better way to look out for various alternatives and suitable lenders is comparing them online. We, at MyMoneyMantra can help you through this process. Not only will you save a lot of your valuable time and effort, but will have a more efficient way of comparing the interest rates and other details that require your due diligence. Of course, before you go ahead to do so, you ought to list down all that you expect from your loan. For instance an optimal tenure, the preferable rates, and the estimated loan amount. This will help you have a clear picture of your expectations.

That being said, let us offer you with some of the significant benefits of Applying for a Home Loan online!

1. Comparing the Alternatives

As mentioned earlier, opting for an online mortgage can genuinely spoil you for choices. You can conveniently research various lenders, and compare the options offered by them. As you can understand, this is much better than physically approaching each bank and reviewing their ready made portfolios.

While analyzing online lenders, you can check the website of each one of them to go through various aspects regarding:

  • Adjustable Rate Mortgage
  • Fixed-Rate Mortgages
  • Refinancing Options
  • Reverse Mortgages

You can even get your hands on detailed brochures, fact-sheets and go through the FAQs section to understand everything that you want to, before making the final call. Trust us, having pre-information regarding the annual percentage rates, fee and extra charges levied by various lenders will help you save a good amount of money.

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2. Hands-On Tools

Applying for a Home Loan is necessarily a more fulfilling experience thanks to some convenient tools such as EMI Calculators. With such a tool at your disposal, all you need to do is key in a few particulars such as:

  • Total amount to be borrowed
  • The entire duration of the loan
  • Applicable interest rates
  • The processing fee levied by the financial institution.

Once you do so, you can get a detailed analysis of the amount you need to shell out for each EMI (Equated Monthly Instalment) and the number of EMIs that you need to pay. Additionally, the calculator can take into account any prepayments that you wish to make, thus giving you al clear picture of your financial obligations. Then again, depending on your preference for the type of loan, you can choose a mortgage purchase calculator, or a mortgage refinance calculator, for the calculations.

3. Hassle-Free Process

Hopping from one bank to another during office hours is not only physically and mentally taxing, but can also rob you of your own working time. Regardless of the fact, that you are a salaried individual, a professional or a business owner, this can have an adverse impact on your schedule and in some cases, even your commitments. Looking for loans online can be quickly done on your own time, late in the day or even on weekends.

Moreover, you don’t have to visit the lender for every little task such as submitting a document or signing a paper. And before we forget to mention, it’s one of the most efficient ways to ensure instant Home loan approval, something that you would always want.

4. Seamless Communication

It isn’t always possible for you to drive down to your bank for every query, which is why online loans seem like a boon. Not only can you expect to get in touch with loan representative at any time during the day through the official website. Depending on your preference and the severity of your issue, you can choose to get in touch with the loan provider over a call, message or email.

5. Enhanced Flexibility

Financial stability isn’t something that we all enjoy. Sometimes after a loan has been approved, your financial situation may take a turn for the worse. In case, this happens, it is always easier to get the terms of your loan changed via an online executive rather than paying a visit to the lender in person and having an awkward conversation. Furthermore, this arrangement ensures that the power balance always stays in your direction, and not the other way round.

We hope that these advantages have helped you open up towards the idea of procuring a loan online.  Wait no more and visit MyMoneyMantra to apply for a Home Loan online.

Also Read:  Buying a Home on Single Income? These Tips Can Help You

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

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