Technology has made life very convenient for us. We do not need to step out of our houses to buy groceries, pay bills, or to get our bank statements updated. We can do all this and much more from the comfort of our homes, in a fraction of the time, and with a click of a button.
But when the transaction involves a substantial sum of money and a long-term commitment, many people feel reluctant to take the online route. For instance, when applying for a home loan, many people would rather visit the lender’s office, carry all their documents with them and physically sign the papers.
To help you decide whether to apply for a home loan online or offline, we have compiled the basic differences between the two.
Comparing Different Options
Applying for a home loan online is certainly easier and more convenient. You can compare different lenders, their respective home loan interest rates, and all the different types of home loans they offer. When you find the one that works best for you, all you need to do is visit the lender’s website, determine your eligibility, fill out the home loan application form, submit it and attach all the necessary documents. Most lenders now provide an end-to-end loan approval process that is completely online.
You will not have to tire yourself going from office to office and asking all the different loan officers the same set of questions over and over again. That will only result in more confusion and a bunch of brochures that you are probably never going to read.
If you are applying for a home loan online, you can simply upload the necessary documents such as address proof, identity proof, etc. The documents that need to be submitted will be listed on the lender’s website along with the loan application charges.
But you have to physically carry these documents to the lender’s office if you want to apply for a home loan offline. Not only is that inconvenient, but you also risk losing or misplacing important documents in transit.
When applying for a home loan, the first thing you need to do is assess your loan eligibility. Most lenders provide a home loan eligibility calculator on their website that you can use to find out the loan amount you are eligible for.
But if you were to apply for a home loan offline, you would have to visit the office of the loan provider and have detailed discussions with a loan officer to determine whether you are eligible for the loan or not. That will cost you additional time and money.
Additional Read: Check out your Home Loan Eligibility Based on Salary
Online or offline, whichever way you prefer, Tata Capital can provide you with all the assistance you need. With years of experience in the industry, attractive interest rates, and dedicated after-sales service and support, Tata Capital is the right home loan provider for you. Visit our website for more information and to use our home loan EMI calculator.