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Transformation With Technology

February 17, 2022

Impact of Technology: Online Home Loans

Technology is evolving so rapidly. Change is the law of nature. To survive, organizations have to accept the change. And home loan industry is no exception. Let’s check how technology has been a game-changer in this industry and what impact it brings on home loans.

Transformation With Technology

In today’s world, information flows from a developed zone to a developing zone. Technology provides the platform where buyers and lenders are connected, information flows from one party to another. Gone are the days, when one has to wait hours after hours standing in the long lines, outside lender’s offices. Now sitting at the comfort of the drawing-room, with few clicks of the mouse, we can apply for online home loans. Interestingly, even middle segment people leverage the facility because internet facility is penetrating deeper and deeper in our society.

As compared to the last decade, securing home loan approval has become much easier for us with the entry of responsive websites and speedy app-based applications in 2020-21. Gathering of documents, filling forms, doing an appraisal, review of forms & documents, and sanction of home loan approval – all have been improvised with technology.

Saving Of Time

Now, both the borrowers and the lenders can save their timings and effort. With automated key functionalities, technology reduces human errors. High accuracy!

Sophisticated APP & Tab Based Models

With App & Tab based models, time is changing for home loan borrowers. EMI installments can be checked and paid; IT certificate downloaded hassle-free, amortization schedule maintained, payment history can be tracked and all these with just a few clicks of our mouse. The basic notion is that technology has taken out the stress of both the lenders and the home buyers to a great level.

Home Loan Sanction Letter In Few Minutes

The customer wants to avail of the home loans at a low-interest rate but he/she has fewer documents to establish his/her identity. After visiting online aggregators’ websites and making a comparison between different lenders on the website; the customer is yet to reach any conclusion. Then at the advice of his/her friends, he/she visits an NBFC’s website.  The NBFC asks the borrower to fill a questionnaire. As soon as it is filled, the borrower receives the sanction letter from the NBFC. Interesting! As a Customer, one can know his/her home loan eligibility in few minutes.

Home Loan Eligibility Calculator

The Maths of home loans involves lots of calculations and complexities. And to solve that maths – technology has gifted us Home Loan Eligibility Calculator. We can know how much the loan would cost us every month. Whether we are eligible for the home loan or not? What is the total payable amount?

Interestingly, we can also have a glance at EMI graphs, and details about processing fees. Based on the calculation, we can adjust our home loan and tenure of the loan as per our convenience.

Summary Points:

* While using EMI or Interest Rate Calculator, we must ensure we are using the device to which country and state we reside in.

* The accuracy may not be 100% because a home loan is a long-term subject. And there may be fluctuations because of the changing government rules and regulations.

The calculator that generally asks for more details provides more accurate information.

We need to leverage the technology to the fullest for our home loan initiatives. This will make our life simpler and easier. In today’s world, we can avail “Automatic Alerts” that would intimate us once a new listing is updated in our locality and the search would be streamlined. And it is a fact that most of the home hunters are unaware of something like this.

A lot of information is available online to help us and make our life easier. To strike out the best home loan deal, it’s wise to do in-depth research. We can also visit real estate auctions to gather knowledge. Apart from that, there are many groups and associations, available on social media websites; they are providing information about the real estate developments in the city at regular intervals.

Keep reading our blogs and gain a deep insight into the real estate and home loan financing sector with us.

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