How using Loan Apps are Beneficial for Applying the Home Loan?

Considered one of the globally recognised sectors, the real estate market witnessed an exponential growth following the increased demand across the corporate environment of India. An escalated demand for urban, semi-urban accommodation, and office space have led to an increased requirement for affordable housing options. Subsequently, multiple NBFCs offered their home loans to help potential home buyers meet the financial requirements of a residential purchase. While these advances came with a hefty loan amount and competitive repayment structure, they require borrowers to meet few eligibility criteria.

In an attempt to make availing such advances further convenient, lenders have launched their home loan app available across both Android and iOS platforms. These apps provide users with a one-stop solution for all post-loan services and come with a simple user interface for the convenient navigation of all users.

Benefits Of Instant Loan App For Home Loans

Such secured advances from NBFCs offer borrowers with the benefit of convenient access to a high-value loan amount against a property, which is –

• In good condition.
• Lies within the serviceable range of a lender in question.
• Has a high net market worth.

Following this, lenders are willing to offer a high Loan To Value of up to 75% of the current market price of a property to be mortgaged. Such easy loans require minimum eligibility criteria and can be availed by prospective borrowers with a comparatively lower credit score. It is because the financial institution in question has the assurance of recovering the outstanding loan amount in case of defaults by liquidating a mortgaged asset.

Subsequently, a handy home loan app was introduced to bring smart financing at the fingertips of potential users. While this app aims to provide enhanced user experience and intuitive navigation, it also recommends customised offer options for clients.

• Convenient Processing Of The Advance

Users of this app can enjoy the beneficial feature of its hassle-free application process. It includes –

Step 1: Obtain Approval Of The Loan Amount

Potential borrowers need to compute their required loan amount and ensure that they do not borrow more than what is required. Following this, they will provide the credit amount, meet the required eligibility criteria and furnish essential documents.

Step 2: Assessment Of The Property To Be Mortgaged

Considering that availing secured credits requires the mortgaging of a quality asset, a lender evaluates a property and draws an estimate of its current net market value. This decides the eligible loan amount for the borrower.

Step 3: Customise the Advance

Prospective borrowers can now customise their loan as per their financial requirements via the app to apply for the loan. It is vital for the borrower to choose the most suitable loan tenor and decide upon the EMI amount they will be able to comfortably pay off.

Step 4: Verification of the Borrower

Users of the home loan app can enjoy the benefit of verification via a secured online process that is followed by confirmation of the loan amount and disbursal of the same.

Such a hassle-free application process with the Bajaj Finserv Experia App on their Home Loan ensures that borrowers can avail the benefits of this secured advance against a competitive rate of interest among other beneficial features –

• Zero charges on part prepayment and foreclosure
• PMAY scheme compiled
• Property dossier
• Flexible tenor ranging up to 240 months

They also bring you pre-approved offers to ease the application process to avail financial assistance. These offers are available on several financial products that include home loans, personal loans, business loans, etc.

• Providing A Balance Transfer Facility

Users of this instant loan app can opt for the lucrative balance transfer feature to shift their current home loan account to a lender who offers better terms and conditions on the financial deal. This feature helps borrowers avail a better rate of interest and thereby reduce the total cost of the loan. However, it is essential that one checks out the following features before transferring their loan account –

• Additional costs
• Rate of interest
• Top-up loan facilities
• Required eligibility criteria
• New repayment tenor
• Home loan transfer fee
• Resultant EMIs
• Foreclosure and part prepayment charges, etc.

With the availing of instant loan app, users can enjoy convenient one-click access to this facility.

• User-friendly Interface

Keeping in mind the convenience of the targeted users, these apps have been developed with a user-friendly interface to help in the smooth navigation across the app. Such a clean interface on this smart app ensures that users have the provision to –

1. Decode The Financial History – Owing to the convenient interface of such apps; borrowers can now have easy access to their entire financial transaction history that includes details on both their current and closed loan accounts, downloading of the financial statements, paying and calculating EMIs, etc.
2. Have Access To Drawdown Facility – Eligible users can have access to additional credit that helps them with any unforeseen financial deficit.

Such a loan app also provides users with the benefit of using their loan calculator app that compute the EMIs based on the chosen credit amount, tenor, and rate of interest. It helps one be better prepared monetarily for their upcoming financial responsibility in the form of EMIs.