Buying your own home is a huge decision and one that takes years of planning. You need to identify a neighbourhood, a suitable location, the amount you need to save while keeping the rate of inflation in mind. But sometimes, the money that you had saved for purchasing your home does not sufficeand you need to look at alternatives.
The first alternative is to buy a smaller house, the second alternative is to buy a house in an inexpensive neighbourhood and the third and best option is to get a Home Loan at Current Home Loan interest Rates.
Home Loan is a secured loan that is offered by most financial institutions to help their customers purchase a property. The property purchased with the loan amount is mortgaged with the bank while you continue living in the house. The typical tenure for a Home Loan is up to 30 years with the rate of interest varying across financial institutions.
With the pace of real estate prices going up across all cities in India, it has become difficult for anyone to purchase a residential property with a complete down payment. So, when you apply for a Home Loan, the lender will Check Your Home Loan eligibility and if you fulfill the criterion, they will offer you a loan at current interest rates.
You only need to pay the required margin money, between 20-25% of total loan value, and rest needs to be paid in monthly instalments. Therefore, you are able to purchase your own house without wiping out all your savings.
With the rapid integration of technology in the financing industry, most of the financial institutions are now offering the option to apply for a Home Loan online. If you are also considering availing an instant Home Loan, then taking the digital route offers you numerous advantages, such as:
1. Freedom of Choice: When you take the online route for a housing loan application, you get freedom of choice, e., you are free to choose the lender of your choice. In the normal course, you will go to the nearest bank or NBFC (Non-Banking Financial Company) and apply for the loan. But it is not certain that you will get the best option.
When you apply for a Home Loan online, you can do your research and select a lender who is located little away from your location but offers the better deal. You can also look at MyMoneyMantra, to select the best option for you. You must remember that any small reduction in the interest rates means significant savings in the long run.
2. Paperless Process: Applying for a Home Loan is a cumbersome process if you take the traditional offline route. A lot of documents and paperwork is required and it is time consuming to compile them. But when you apply online, you can easily upload the necessary documents, fill the application form and pay the application fees without stepping out of your home. The lender can also verify all your documents easily and you need not visit the branch, time and again to complete various formalities which can delay the whole process.
3. Quick Approval: When you apply for an instant Home Loan using the online mode, the whole process is completed ina short span of time as there is no delay of due to lack of papers and documents.
You are also able to track the whole process using the online application platform in real time and take necessary actions if the proposal is stuck due to some reason. You can also get the real-time updates through SMS and E-mails, which ensures that you are in the loop about the latest developments.
4. Online Account Management: When you apply for a Home Loan through the online mode, you automatically get online access to your loan account. This helps you keep track of your loan account, your pending EMIs (Equated Monthly Instalments), access account statements and make payments for pending EMIs conveniently. This eliminates the need to visit the branch every time you need some information or need to do a particular
5. Customisation: Online loan application process enables the lenders to understand your requirements and then offer the most suitable product. If they do not have any such product at present, they can also create a customised product exclusively for you. This enables you to exercise complete control over your finances and allows you to effectively manage your other essential expenses also.
Buying your dream home through a Home Loan is a sensible decision as it offers you excellent benefits and complete flexibility. Just check your Home Loan eligibility and apply for a Housing Loan online through MyMoneyMantra.
Also Read: How Do Banks Fix the Rate of Interest – The MCLR Concept
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.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.
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