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Online v/s Offline Home Loan Process - Which Is Better?
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In the old days, people had to apply for a home loan through a builder, follow up with agents or visit the lender’s office. With the advent of digitization, nowadays, you can easily apply for a home loan through a simple and hassle free method. Before you apply, let us share a comparative view of online vs offline home loan application process. After all, you should choose an option that you’re comfortable with.
Comparing Online and Offline Process
To help you make an informed decision, go through the two different methods of applying for a home loan.
While availing a home loan, research is necessary. You should explore all options, consider different home loan interest rates and accordingly make a decision. To do so, you would need to visit all the lender’s offices and inquire about their loan features if you opt for the offline process. Every lender would hand you a brochure to read, for checking different options.
On the other hand, in the online process, you can research and consider visiting the websites of different lenders. You can explore all the loan options and check your eligibility from the comforts of your home.
To apply for a home loan through the offline process, you would need to visit the lender’s office personally, more than once. First, to inquire about the loan features and to know your eligibility and the documents required. Once you gather all the details, you might have to re-visit the lender’s office to submit a home loan application and the requisite documents.
On the other hand, you can visit the lender’s website to get all the home loan details online. Nowadays, lenders’ websites also have chatbots, where you can ask your queries regarding the loan application. When you are ready, you can fill the application form online, submit documents and pay the loan application fee.
In the online process, you can scan the documents and upload them on the website. In the offline process, you would need to hand over the documents to the lender. There is a risk of your documents being misplaced during transit when applying for a loan offline.
It is easy and safe to apply for a loan online. The application form can be saved for future reference and can be accessed anytime, as it would remain intact in a digital format. Also, the online process is quick and effortless compared to the offline method.
Online or offline, whatever you prefer, we at Kotak Mahindra Bank provide you with both the types of application process. With low home loan interest rates, fast processing fee, quick disbursal process, it is easy to avail a home loan with us.
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