The Internet has changed the whole world by making everything digital. You can book a hotel, order food, go shopping and even finance your house in just a few clicks. Yes, you heard it right. You can apply for a home loan easily through the digital medium without even stepping out of the house. But the question is, is it better than the offline medium?
Should you take a home loan using the old and conventional method of visiting the lenders personally? Or should you be tech savvy and apply for it online? We can help you decide.
Here is a small guide on offline vs online home loan application methods.
Comparison
The first and most important step in availing a home loan is to compare different options and choose the one that best suits your needs. When you opt for the offline method, you would need to personally visit different lenders, and carry a bunch of brochures to make this comparison. On the other hand, for the online method, you can carry out the comparison from the comfort of your home. You would just need to visit websites of different lenders and look for their interest rates, fees and other requirements. Nowadays, lenders assist with an end to end home loan application without the need for you to step out.
Documentation
Documentation is an important aspect of a home loan application. The lenders approve or reject your loan application based on the information you provide in the documents. Which is why your documents should not only be accurate but also should be submitted on time. Through the offline method, you will need to take out the print outs of all the documents and carry them to the lender’s office. While it is inconvenient, the documents can also get lost or misplaced in transit. On the other hand, through the online method, you can simply scan and upload all the documents on the lender’s website along with the application form. You don’t even need to get them printed.
Eligibility
Assessing your home loan eligibility is very important to determine if you are eligible for the loan or not. In the offline method, you will have to visit the lender’s branch office and discuss in detail all the information to ascertain if you are eligible for the loan or not. It can be very time consuming and frustrating too.
Through the online method, you can simply visit the lender’s website and look for the eligibility criteria on it. You can also use tools like the eligibility calculator to know if you are eligible by putting in basic details instantly.
Safety and durability
Applying for a home loan online is usually a safe and secure method. There is no risk of your physical application being misplaced by the lender, as all the forms and documents are safe in their database. Similarly, you can also keep a copy with you for further reference and access it in the future anytime you need.
Application
Applying for a home loan through an online method is easier too. You just need your scanned documents. You can simply fill the form online, upload all the documents and the work is done. However, in the offline method, you will have to travel to the branch office and provide all the documents and the application forms physically.
Applying for a home loan online is a better alternative as it saves time and helps you apply from the comfort of your home.