The growth of technology has made it easier to apply for a home loan. Many Indian banks like PNB Housing now provide an option for online loan applications. It simplifies the process of a home loan and you can apply for a loan from anywhere. It saves your time and you don’t have to approach lenders again and again.
This article understand the benefits of applying for a home loan online.
What Are The Benefits Of Applying For A Home Loan Online?
- Minimum Documents Are Required:
Applying for a home loan manually involves a lengthy process and lots of paperwork, which might be tiresome. But, while applying online you only need a minimal document. You just need a smartphone or PC with a good internet connection and a Facebook or Google ID. Paperwork allows banks to know your eligibility for taking a loan, your ability to repay the loan, your credit scores, and your habits. Banks can now process these document verification online thereby reducing the need for manual paperwork. PNB Housing stands first among the banks that offer home loans online with minimal paper documentation.
- Social Presence Adds To Your Credit History:
When applying for an online home loan for the first time, you can get a reliable ID based on your presence on Google or Facebook. You don’t need any other identity proof or documents to validate your ability to repay the loan. Banks assure your loan based on your online presence and your credentials. PNB Housing now provides disbursal within a few moments of checking your credentials.
- No Repayment Penalty Involved:
If you have received a home loan online but you are finding it difficult to repay the loan on time, then there will be no penalty. On the other hand, if you have availed a loan manually, then according to procurement, you must pay a penalty if you are unable to pay back your loan on time. Many banks including PNB Housing offer you a wide choice of repayment schemes that have flexible ranges and durations and can be customized according to your comfort.
- Quick And Easy Processing:
The eligibility criteria for an online home loan are presented intuitively so that even an average user can understand them clearly. This is because there is no bank staff involved in the process of an online loan application. This simplicity of the online loan process helps borrowers understand how much they owe and how they can repay. One additional benefit of online home loans is that you can get loan benefits from anywhere if you have a good internet and NetBanking facility.
- Low Property Prices:
Homebuyers can have wide options for affordable online home loans. It provides two-way benefits for the homeowner. They can build a large home or buy a home for a lower budget than estimated. They can also enjoy other benefits of a home loan like tax benefits, paying a small down payment, extended repayment tenure, etc.
- Reduction In GST Rates On Home Purchases:
GST rates are reduced for buying a home when you apply online. There is no input tax credit.
- Low Interest Rates:
Online Home Loans have lower interest rates and lower EMIs. This has made even middle-class people achieve their dream of owning a home.
Conclusion
Are you tired of roaming from bank to bank to get better home loans? Does that paperwork causing you a headache? Say Goodbye to all the paperwork! Opt for online home loans which simplifies your application process. Further, it is easy to apply, has reduced interest rates, and no more penalties for exceeding repayment tenure.
Enjoy Your Dream Of Owning A Home Coming True With PNB Housing
