How to Apply for a Home Loan Online?

With the usage of the internet in every part of India, people are preferring to do most of their banking-related work online, rather than visiting the bank itself. One such work is their application for a home loan. The process of online application for a home loan is very simple and anyone can do it easily, within minutes. All they need to do is provide the required details and upload the necessary documents. If you are also looking for the home loan apply online process, then you have come to the right page. The following information will provide all the necessary guidance to apply for a home loan, along with the documents that you have to upload.

How to Apply for a Home Loan Online?

• Visit the official website of the home loan lender selected by you. 
• Click on the ‘Apply for Home Loan’ button. If you want to check the home loan amount for which you are eligible, click on the ‘Check Eligibility’ button.
• After clicking the ‘Apply for Home Loan’ button, the basic information tab will open. Here, select the type of housing loan you are willing to take, such as home loans, plot loans, house renovation loans, etc. 
• If you have already selected a property that you want to buy, then click on ‘Yes’. After clicking, give the details of that property. This generally includes the estimated cost of the property and the city and state where it is located. If you have not decided on the same, then select ‘no’.
• In the next step, fill in your name, name of the co-applicant, if there is any, and select the number of total applicants. 

Some Other Steps

• After that, select your residential status (Indian/NRI), give the name of city and state you are currently residing in, give your age, gender, retirement age, occupation, mobile number, email ID, total/gross monthly income and EMI that you paying for active loans (if there’s any).
• After providing your personal information, you will be shown all the home loan products available to you. It will also show you the maximum amount for which you are eligible, interest rate, loan tenure, EMI payable and whether the interest rate is fixed or floating.
• Select the type of loan that you want to apply for. After that, you will be redirected to the home loan application form. The forms will be already filled with the information that you have provided in the above steps. However, you still have to fill in some other details, such as your date of birth and password. After this step, click on ‘Submit’.
• In the next step, you will be asked to upload the necessary documents. 
• In the last step, pay the loan processing fees and your ‘apply housing loan online’ process is completed. 

Also Read: How to Find the Best Business Accountant for Your Small Business

The difference in the home loan application process for salaried and self-employed individuals

People can apply housing loan online services, whether they are salaried or self-employed. They have to go through a quite similar process. However, there is a slight difference in the information that they need to provide.

For salaried individuals:

If you are a salaried employee of an organisation, then you need to provide your personal, financial and employment information.

For self-employed individuals:

If you are a self-employed individual, you have to provide all the relevant information about your business, such as business vintage, annual income and loan amount required.

Documents required for home loan application

Here is a list of documents that people need to upload who are looking to apply for housing loan online.

Property documents

• Sales deed, the allotment letter or stamped agreement of sale
• NOC from the builder or the housing society
• Possession certificate
• Land tax receipt from the revenue department
• Bank account statement or the payment receipt that shows the transaction in which payment was made to builder or seller
• Occupancy certificate (in case of constructed apartments)

Identity proof (anyone)

• Aadhar card
• PAN card
• Voter ID
• Driving License
• Passport

Address proof (anyone)

• Any of the above-mentioned identity proof that has a permanent address
• Telephone bill
• Electricity bill
• Water tax
• Post-paid mobile bill
• Property tax receipt

Passport-sized photograph

If you are a self-employed applicant, then you have to upload some additional documents with your home loan application. These documents are:

Proof of business existence

• PAN Card
• Trade license
• GST registration certificate
• Partnership deed
• Memorandum of association/Articles of Association
• SEBI registration certificate
• Import Export Code
• ROC registration certificate

Financial statements (Audited by CA)

• Balance sheet
• Profit and loss account statement

Bank account statement 

• Last 6 months

Today, more and more people are preferring to apply for a home loan online, just by sitting at home or in their office. You can see for yourself that the entire process of home loan apply online is very simple and it won’t take too much of your time. All you need to do is keep all the required information and documents ready to upload.