Online vs. Offline: Which Is A Better Way To Apply For A Home Loan?


Are you planning to get a home loan, but are worried about the application process? Well, you can now apply online for a home loan. It’s quick and hassle free!

Applying offline for a home loan is usually a long and tedious process. You have to visit a bank, stand in a queue for hours, submit a thick file of financial documents, and then wait for days to get an approval. However, all this can be completely bypassed if you choose the speedier and more efficient alternative, online loan application.

Advantages of Applying Online for a Home Loan:

Let us take a detailed look into the benefits of getting an online home loan.

Convenience

Why apply online for a loan? Perhaps the most significant factor is the convenience it provides. No more visits to the bank! All you need is a gadget with an internet connection.

Create an online login id, fill in a few personal details, upload your documents, and get your loans approved in minutes. All this without having to step out of the house. Imagine how much energy, time and money you can save in the process.

Information Availability

Before you apply for a loan, always do a comparative analysis between different financial institutions. Gathering a list of benefits and charges might be a tiresome task if you have to run around from one firm to another. However, through online application portals you have easy access to all the information that you require. Compare features, home loan interest rates, etc, listed on various banking websites, and then choose the lender who gives you the best deal.

Quick Approval

Since your application papers don’t have to be physically passed through the process, it is much faster to get a loan approval. In most cases, if you meet the minimum criteria of having a stable income source, your home loan will be sanctioned immediately. In short, your waiting period will be cut from a couple of weeks to just a few minutes!

Emergency Funding

You should know that online loans are almost always approved faster than conventional loan applications. If you find yourself staring a great property offer that’ll expire in a few days, then you can apply online for a home loan and find out whether you’re eligible almost immediately. After sharing the required proofs and documents with your lender and getting your loan approved, you’ll be free to take the builder up on their bargain.

24/7 Service

Financial offices are only open from the morning to the afternoon. If you can’t visit a branch within these hours, you have to wait for the next working day. However, no such restrictions are applicable on online portals. You have round the clock service, which allows you to apply for a loan even at midnight! Furthermore, if you have any queries, you can call, chat or email customer care representatives any time you want.

So Should You Apply for a Home Loan Online or Offline?

Now that you have seen the clear cut advantages of online home loans, it is pretty obvious that this is the better option. Getting your dream house is now going to be a simple, quick and easy process!

About the Author: Arwind Sharma a passionate writer on finance and closely associated with financial companies. He is still busy in discovering time-efficient finance schemes.