Internet has brought about a major revolution in today’s age. Every activity can now be done online whether it is connecting with your loved ones, buying goods and services or for making financial transactions. Digital payment platforms are continuously improving and providing a convenient cash-free mode of doing transactions. Lenders have also adopted the online technology in offering loans. Nowadays, online loans have become a trend wherein prospective borrowers can apply and avail a home loan right from their homes or offices if they have a computer or smartphone and a working internet condition. As a result, e-home loans are becoming quite popular. Do you know what they are?
E-home loans are home loans which can be applied online. These loans are having a major impact on the Indian market and making home loans more affordable and popular. Here’s how –
- Online details of the loan
You can get complete detail about the home loan online. Whether you want to know the eligibility criteria, the available loan amount, interest rate, documents required or the charge structure, every detail would be available online at your fingertips.
- Easy application process
Applying for e-home loans is easy and simple. You can simply go online, choose the website of the lender or a loan aggregator, enter your details and apply for the loan online. The whole process takes minutes and you don’t even have to undertake the hassle of physically visiting multiple lenders to apply for the loan.
- Calculation of loan eligibility
There are online loan eligibility calculators which let you calculate the exact amount of loan which would be available to you based on your eligibility. Therefore, you can find out the loan quantum before you apply for the loan which would help you avail the loan quicker.
- Calculation of EMIs
Online EMI calculators are also available which let you calculate the prospective EMI of the home loan that you seek. You just need to provide the loan amount, repayment tenure and the applicable interest rate and the EMI would be calculated. Moreover, you can also increase or decrease the calculated EMI by varying the inputs. Thus, the online calculator helps you in figuring out the affordability of the home loan.
- Facility of comparison
When you apply for e-home loans through the websites of online loan aggregators, you can compare the lending rates of different lenders. Thereafter, you can compare the different lenders on their interest rate and charge structure and choose a lender who allows you a home loan at the lowest costs. This comparison helps you in buying the best home loan in the market.
Given the above-mentioned benefits offered by e-home loans, it is no doubt that they are becoming popular and are quite in demand. E-home loans have made home loans a simpler affair cutting down on the unnecessary hassles of running to the lender’s offices to avail the loan. With e-home loans, the home loan has come to your fingertips. You can do the complete research on the home loan you want and then apply for the loan right from the comfort of your home or office. So, what are you waiting for? Discover the benefits of e-home loans yourself and see how they have changed the Indian financial markets.
Additional Reading:- Pre-approved Home Loan – Key to your Dream House