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Technology has brought ease and convenience to the ordinary person’s life. You no longer have to wait in long queues to pay your utility bills, step out to buy daily groceries, or visit a store to recharge your phone. With everything around changing so rapidly, the home loan industry is no exception.
However, when a transaction involves a substantial sum of money and a long-term commitment, many people would rather visit the lender’s office, carry all the required documents with them, and physically sign the papers. This process can be pretty time-consuming. Although home loans can still be applied for and processed offline, the online process has gained momentum mainly because of its merits: fast processing, hassle-free documentation, and easy loan tracking. Following a traditional Offline Home Loan process or choosing to opt for an Online home loan is purely at your discretion, but you must understand the merits and demerits of both methods before applying for a home loan.
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Offline Home Loan
This is the usual way of applying for a home loan. You’ll have to visit the branch, fill out all the necessary forms to apply for the loan, and submit the required KYC documents. This method makes sense for individuals who are not internet-savvy or believe in obtaining personalized, one-to-one services from their bank. It is significantly slower than availing a loan online largely because the submitted documents need to be physically verified and scrutinized at various processing desks. These include CIBIL check, RCU (document scrutiny), application form check, home loan eligibility, and the credit manager’s discussions with the borrower to ensure credibility.
The documentation involved in the loan application process can be extensive and overwhelming, with the possibility that your crucial documents may get misplaced or lost in transit.
Online Home Loan
Here, the customer can apply for a loan anywhere, whether at home or work, and get immediate access to various kinds of loan products. In their busy lives, borrowers can save a lot of time and choose the loan product they prefer rather than sitting through the sales pitches of multiple bank officials.
Here’s a detailed comparison of the two methods of loan application:
Eligibility |
You can find out the loan amount you are eligible for by simply visiting the website of the home loan provider and using tools such as a home loan eligibility calculator that is provided on the website. |
You would need to visit the bank and have discussions with a loan officer to figure out your loan eligibility. This is more time-consuming. |
Convenience |
You can apply for Online Home Loans from anywhere at your own preference. All you need is a device and internet connection. |
You will need to first fix an appointment with the bank for a specific time and visit the office in order to apply. |
Documentation |
You can simply upload scanned copies of various KYC documents on the bank’s application portal and get your home loan approved instantly. |
It involves extensive paperwork where you need to submit hard copies of your KYC documents at the branch office. |
Charges |
The charges are mentioned clearly on the bank’s website, and no additional charges are imposed. |
Offline loans may levy some additional charges as they tend to involve commissions for agents. |
Processing time |
Uploaded documents are processed within a few hours, and the applicant’s eligibility is quickly established. |
The processing time is significantly higher as lenders need to physically verify the submitted documents to establish the borrower’s credibility. |
Comparison of products |
Thanks to the brochures and information available on every bank’s website, you can compare multiple home loan products simultaneously. This will allow you to choose the home loan product that is suitable for your needs. |
If you wish to compare offline loan products, you will have to visit the branch offices of the lender and ask for the desired information. |
Security |
The personal data uploaded online is in safe hands as most lenders follow best practices with regard to online security. |
The risk of losing crucial paperwork is higher in the case of offline loans. |
With banks like Metra Trust, you can avail of competitive home loan interest rates on housing finance and a wide selection of properties along with low EMI options, quick processing facilities, and efficient tracking of your house loan status. When it comes to applying for a home loan, there’s no one-size-fits-all solution for everyone.
While online personal loans offer several benefits and are becoming more widespread, many individuals still feel comfortable only with offline products. In the future, online loans are likely to have a more significant presence due to the speedy expansion of digital services all over the country.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.
