5 Benefits of E-home Loan that Everyone Should Know
By Anupama Deshpande | Oct 24, 2018

E-home Loan is an end-to-end platform where a home loan borrower uses an online medium where he can digitally sign a loan proposal form, submit required documents electronically and get an approval based on income documents from a computer or mobile platform.

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Home Loan industry has grown many folds in past few decades but still the whole process from loan application to loan approval is very tedious and time consuming involving customers going to the branches of lenders and getting involved in lots of paperwork.

After the RBI has started increasing its key policy rates, banks have also started hiking their FD rates to follow suit and to pass on maximum benefits to their customers.

There are few lenders who have used the technology in order to reduce this manual process upto a certain extent, where one can fill up online application form, upload required documents and submit the processing fees online. These lenders also provide facility to eSign the documents through verification of OTP sent on Aadhaar registered mobile number. Aadhaar based eSign is a technology initiative by the Govt. of India that allows citizens to sign the document remotely. Anyone with a valid Aadhaar card and a registered mobile number can use this service to sign documents from anywhere, anytime. eSign is a quick and secure way and is also legally valid.

Now customers can apply for home loans just by clicking on the 'Apply now' button on websites of banks or financial institutions. After that the lenders get in touch with the applicant and provide their door-step services such as collection of documents from customers' homes, etc. and then process for home loan approval online.

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With the help of e-home loan facility, the customers can expect paperless process where even their presence is not required by the lender. They just need to visit the website for applying for a home loan and loan amount will be directly transferred to their bank accounts after a successful e-approval & e-verification process.

Outlined below are 5 Benefits of E-home Loan that everyone should know:

Inclusion of Digitization

The e-home loan process is fully digital process involving latest and fast technology. It is completely online process from filling up of loan application to final disbursal of home loan.

Quick Processing

E-home loan helps in dramatically improving the turn-around time for processing an application. Unlike traditional process, you need not have to wait for many days to get your loan approved. In many cases, the customers even get the loan approval in few minutes.

Transparency

The whole process is very transparent and there is nothing hidden in such type of loan approval. You can even track your application status online.

Free of Cost Facility

For using e-home loan facility, you need not pay anything additionally. This is an added advantage for you.

Facilitates to Check your Home Loan Eligibility Yourself

E-home loans, gives customers options to calculate their home loan eligibility such as home loan eligibility calculator where they need to enter some inputs and based on those inputs, their home loan eligibility is calculated.

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