Following the buzz of ‘Go Cashless’, ‘Go
Paperless’ has become the next popular catchphrase. When realized it should
bring about a reduction in processing time and effort in the lending system. Both
banks and NBFCs have adapted to smarter banking methods through digital
By applying for loans and credit
cards online, applicants not only would benefit from a process of easy
discovery of loan products but also ease in application.
From the trends that we are seeing
paperless banking is bound to be more than just a buzz word, with consistent
efforts from banks who have transitioned to provide end to end digital
experience to their customers to even declaring a World Paper Free Day (November
So, the day is not far before we get to
apply for a home loan entirely online i.e. through a digital interface. This
article would get you ready for the same.
Past and the Present
A home loan had been a distant dream to
many people in India due to unending terms and conditions and huge volume of
paperwork for a loan application.
Previously, after successfully identifying
a property, you need to approach a bank to apply for the home loan. Before the
application, you need to gather all your personal documents, income proofs and
property documents to submit to the banker. After the careful verification, the
lender will let you apply for the home loan. All the processes are done manually
without the intervention of technology.
The home loan issuer will do a background
verification on the applicant and the property on which you have applied for the
loan. The loan processing might take weeks before you get the result of your
If there are any error on your data such as
spelling mistakes, incorrect information, mismatch of signature etc, your home
loan application is very much likely to get rejected. Moreover, applying once
again becomes a tedious process, and can impact your credit score too due to
multiple hard enquiries.
There are so many financial service
providers like CreditMantri who have made the application process simple, with just
click of a button. The new method allows you to apply for a home loan from
wherever you are. The process is simple as you do not have to fill any physical
application form. All you need to do is to enter your personal details online.
In most cases, you only need to select an appropriate option from the list of
choices. If you are an existing customer with a bank, the process is a lot
simpler when you apply on the bank’s official website.
After filling up the application form, you
will have to upload the scanned documents which will be processed for
verification. This reduces a significant time when compared to submitting the
documents to the bank’s representative. After
quick processing, the results are delivered immediately on your home loan approval.
As the entire process is done online, there
is no need to visit the bank and submit the documents manually. Moreover, you
do not have to be afraid of losing the data as each detail is stored online