February 26, 2024

From Click to Keys: Step-by-Step Loan App Guide

Buying a property of your own choice is an exhilarating yet intimidating process. Securing finances for your dream home lays the foundation for getting a step closer to it. With the advancement of technology, the process has become much more streamlined and easier. Now, you can quickly opt for a home loan to collect finances to book your home.

Through the medium of this blog, we will provide you with a step-by-step guide to secure a home loan quickly with zero hassle. Let’s start and learn how to acquire a home loan smoothly.

Step-by-Step Guide to Obtain A Home Loan Online

Step 1: Research and Shortlist Lenders

To begin the process of acquiring a home loan, it is essential to conduct thorough research online to identify the most suitable lenders. These may include banks, NBFCs, or housing finance companies. Look for a reputable lender who offers transparent terms and has a track record of satisfying customers. Gathering reviews and seeking recommendations from trusted sources, such as friends and family, can be incredibly helpful in making the right decision.

Step 2: Evaluate Loan Products

Once you have shortlisted your options and narrowed them down to find a suitable lender, visit their website to check for the offerings of home loan products, such as loans on houses, flats, land for construction purposes, etc. Some of the lenders provide several offers for first-time buyers, so explore these offers.

Consider crucial factors like interest rates, loan amounts, repayment duration, processing fees, and eligibility requirements. It will help you make an informed decision based on your affordability, reliable income source, credit history, property type, and location.

Step 3: Download The App From Play Store

Technology has made the process of securing a home loan just a fingertip away. Download a user-friendly app by reputable financial institutions like Tata Captial Loan and Wealth App from the Google Play Store and start your home loan journey.

Step 4: Easy Registration Process

After installing the application on your device, follow the signup process. Enter the required detail accurately, as this forms the primary basis of your loan application.

Step 5: Use the Eligibility Calculator

Most lenders have an easy online eligibility calculator for you to assess. Input your monthly income, job profile, credit score, property details, repayment capacity, etc., to get an estimate of the loan amount you are eligible for. It provides you with a clear picture of your financial capacity by helping you find out your potential loan amount and tenure.

Step 6: Online Submission of Documents

Like most of the other things, technology has made the load of paperwork hassle-free. All the required documents, varying from identity proof and address proof to proof of your income can be easily and securely uploaded on the application directly from your mobile phone. Having all the documents with you will accelerate your home loan process.

Step 7: Track The Application Status

After the submission of documents, keep tabs on the status of the loan application. This app feature gives you real-time updates, keeps you in the loop at every stage and ensures your peace of mind as you wait for the application approval.

Step 8: Get The Loan Approval

Once your application gets evaluated successfully, you’ll get your long-awaited approval. The efficient communication channel keeps you notified when your loan is approved.

Step 9: Legal Formalities

Legal formalities needed to be done after the loan approval. These formalities include the submission of additional documents if requested by the lender, along with signing the agreement. Hassle-free usage of the app will guide you through this process.

Step 10: Direct Disbursal and Easy Possession

Once the legal formalities are done, the approved home loan fund gets directly released to the seller’s account as per the payment schedule. Once the loan amount is credited, complete the remaining sale registration formalities. Then, take possession of your dream home! Make regular EMI payments on time for smooth repayment.

Ensure a Smooth Process Of Securing Home Loan

Opting for a home loan has become a lot easier and more convenient, all thanks to advanced technology. Tata Capital is one such financial institution known for its customer-centric approach and offers a hassle-free process of securing a home loan through its application.

Thorough research, informed decision-making and finding the right financial guide are a few of the essential steps towards making your dream home a reality. Visit their website or download their app today!

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