5 Benefits Of Home Loan Eligibility Calculator

by Rudra Raghavan Financier

People go for a home loan when their savings are not enough to get their dream home. Individuals seek them from banks and other financial institutes at predefined interest rates. The borrower repays the amount in the form of equated monthly instalment (EMI). The moment you take a loan, your property is kept as security. It is the perfect financial investment for those who are low on finances. Home loans are also an effective tax saving option under the Income Tax Act.

Over the years, every element around us has become digitised. You can today apply for home loan online as well. Just by clicking the apply now button, the lender gets in touch with you immediately and processes the loan approval once the representative collects the documents from your doorstep. Once the documents are verified, the disbursal procedure quickens. So, the customer need not visit the branch for anything.

One of the biggest benefits of online housing loan is it allows the customers to compare different options and interest rates at a real time basis. The other factors you can check upon are penal charges, branches, loan conditions and amortisation schedules, from the comfort of your home or office.

The other benefits are –

Easy and transparent: Traditional home loan process is lengthy. Earlier, it took almost a month for the approvals. The online process is the best answer to the lengthy process. Nowadays, customers get house loans as soon as 60 minutes. The factor contributing to instant approvals is digitisation. Now, online loan application to approval to fund transfers, are done in a jiffy.

Processing speed: Considering the traditional method took a while for the loans to get approved, the effects were seen maximum when they got rejected. Online facilities have bridged that aspect as well. You can know whether your application has got accepted or rejected in a matter of a few hours or days. This saves the time and energy of the applicant as they can take decisions as per convenience. Also, quick approval means it fastens the disbursal of funds, and customers can enjoy their new home soon.

Eligibility: A very crucial factor before beginning with the application process is determining your eligibility. You need to have all the documents in place as in housing loans they play a crucial role. Carrying physical documents can be a tedious task. This is why lenders, through their portal, provide a unique instrument called home loan eligibility calculator. It enables the customers to determine the budget they need to apply for. You can also avail other calculators such as PMAY subsidy and loan against property.

Seamless communication: It is not possible to drive down to the lenders' office every day. Precisely why online loans seem to be the best option. Not only can you get in touch with a representative on their portal, but you can also approach the lender through e-mails, calls, or SMS.

Flexibility: There is no guarantee of financial stability. Sometimes, after the housing loan gets approved, your financial situation could take a turn for the worse. In such scenarios, you can get the terms of the loan changed through an online executive. This ensures the power stays in your hands and not the other way around.