How e-Home Loans And Smart City Loans Have Helped Borrowers Across India
E-Home and Smart City loans have been introduced to simplify the process of applying for loans for individuals who are looking to buy their own house in cities across India. They have also contributed to reducing Home Loan interest rates, thereby helping millions of Indians become homeowners.
E-Home Loans can be defined as Home Loans that are applied for, processed and approved or rejected online itself. Even the disbursal of these funds happens into an online account. These Home Loans do not require you to repeatedly travel to and visit a range of lenders, as is true for traditional loans. These Home Loans can be applied for from the convenience of your home, thereby giving borrowers a hassle-free experience. Smart city loans are loans offered to borrowers in 100 small cities across India that the government plans to convert into smart cities. Smart city loans come with reduced Home Loan interest rates to be accessible to more people in the country.
These e-home and smart city loans have not only acted as a catalyst for the growth of the Indian real estate sector, but have numerous benefits associated with them for borrowers too. Designed to make the process of learning about and applying for Home Loans easier for individuals, these loans also offer a fast and simple application process, tools to aid borrowers in their decision-making process and require less manual effort.
Here’s a detailed overview of the many advantages of e-home and smart city loans:
- Simple and Easy Online Application: Applying for e-Home Loans has been digitised to become a completely online process. Thus, it eradicates the worries of travelling far and wide to lenders, having to fill forms manually, waiting in queues and being transferred from agent to agent to get your questions answered. The online procedure simply requires an internet connection and a computer with all the information associated with the Home Loan given on each lender’s website. This is makes for easy comparison between lenders to help borrowers choose the right lender too. Apart from this, tools like online EMI, foreclosure and part pre-payment calculators also help borrowers calculate their finances to the last rupee and thus make more informed choices.
To take a look at Home Loan calculators that help you make a prudent decision.
- Fast Documentation: In the traditional process of applying for loans, you have to go through a rigorous process of submitting documents proving that you are eligible for the Home Loan even before applying by standing in long queues. In contrast, when applying for a e-Home Loan, all requirements regarding Home Loan eligibility and documents are mentioned online and all you need to do is scan and upload them or wait for your lender’s representatives to get in touch with you and hand them over. Since the verification process from your lender’s end is also done online where possible, the entire documentation process is quicker and easier.
- Speedy Sanction and Disbursal: The traditional method of applying for a Home Loan has you waiting for numerous weeks for feedback on the approval or rejection of your application. However, the e-Home Loan system was designed to provide quicker feedback as compared to the traditional system. Sometimes it takes lenders just 3 days to process your application and notify you about whether your application was approved. This saves significant time for the borrower in making his or her decision and hastens the process of handing over the down payment for the new house. With quick approval also comes quick disbursal of funds, so that you don’t have to wait weeks before you have access to the loan funds in your account.
How long have you been waiting to buy your dream home? With the process now becoming simpler and with reduced Home Loan interest rates, the time for applying for the right Home Loan is now! In your search for the perfect Home Loan, do consider Bajaj Finserv Home Loans, which offer competitive interest rates with flexible repayment options combined with a 3 EMI holiday to reduce your financial stress.