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Applying for a Home Loan can be a difficult task since you need to consider a variety of factors before zeroing in on a particular lender. However, in recent times, Home Loans have been made easy to avail due to the formulation of numerous web portals which assist you in applying for a loan online.
Here arevarious factors that you need to keep in mind while comparing loans and also the step-by-step method to Apply for Home Loan Online.
Factors to Consider While Comparing Home Loans Online
Before you apply for a Home Loan online, here are a few important factors that you need to consider.
1. Interest Rate
The interest rate is the most crucial element to review while comparing different Home Loan options. Your equated monthly instalment (EMI) is completely dependent on the interest rate. Your EMI amount is usually fixed throughout the tenure by the lender in case of Home Loans. Therefore, it would be wise on your part to calculate the amount you would have to shell out each month before you make your decision.
1. Process Fees and Other Charges
This is a mandatory amount that you need to deposit while availing a Home Loan. The processing fee varies from lender to lender. Make sure that you choose a financial institution that does not make you burn a hole in your pockets with respect to such fees. There are various Home Loan providers in India that do not charge any processing fee on Home Loans.
2. Insurance Cover
Insurance cover for a Home Loan means that the policy amount covers the EMI payments for you in case you are unable to make the payment due to certain contingencies such as death, insolvency, or another financial exigency. While it has become a norm for companies to sell loans along with insurance policies, such deals usually account for higher EMIs. Nevertheless, you always have an option to proceed without an insurance cover as well.
3. Pre-closure Charges
Usually, borrowers prefer to pay off theirloan as early as possible. However, this facility may involve pre-closure charges. While comparing Home Loans online, make sure to find out more about the stance of different lenders with respect to pre-closure, so you do not have to pay an unwarranted amount.
How to Apply for Home Loan Online?
Here are some easy steps to apply for a Home Loan online:
1. Choose Your Lender
The first step is to choose your preferred lending partner. Check out the interest rates, processing fee, and other charges associated with each lending option and calculate how much EMI you would have to pay. You can use MyMoneyMantra’s Online EMI Calculator to make this decision.
2. Online Application
Submit relevant details, such as your gender, name, income, the purpose of taking a loan, property’s location, and so on.
3. Upload Documents
Upload the necessary documents such as your PAN card, Aadhaar Card, and others to confirm the veracity of the transaction. You can alsoapply for a Home Loan online at MyMoneyMantra, their Mortgage Specialists handle entire documentation process for you.
4. Signing Agreement, Paying Required Amount
If you fulfil the eligibility criteria of the lender,and agree with the terms and conditions of the loan, you will have to sign the loan agreement and pay the required processing fee, down payment and other costs (as mentioned in the agreement).
Once you have completed the entire procedure, your loan amount will automatically reflect in your bank account within a few days.
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 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.
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