Home Buyers Alert! Step-By-Step Guide To Apply For Home Loans Online At HDFC Bank

Technology has only advanced with time, right from accessing news to making payments online with a few swipes of your fingers on your mobile phone. You can buy, sell and even make payments for any products and services digitally now. Banks have also enhanced their facilities, turning away from the traditional need to visit bank branches, and instead adapting to the world of Internet banking, and mobile banking where you can even open a bank account in the comfort of your home. Among many key facilities provided online, one such benefit is for home buyers who are looking to avail of home loans for their dream house.

Applying for a home loan has become even more simple, flexible and convenient.

According to HDFC Bank, the largest bank in India in terms of market share, using the online route to make your purchases, make payments, do your banking and other tasks is convenient, time-saving and easy. This also applies to online home loans. Instead of visiting the office of the loan provider along with the necessary documents and spending precious time in the commute, it makes sense to simply apply for a home loan online.

The bank on its website also said that while most people are convinced about the advantages of making home loan applications online, they are unsure about how to go about it. They hesitate because they believe it would be difficult to do and they could possibly make mistakes. It added, "The truth is - applying for home loan online is super simple and convenient."

Here's a step-by-step guide to applying for home loans online at HDFC Bank.

Step 1: Visit the website https://www.hdfc.com.

Step 2: Click on 'Apply for Home Loan'.

Step 3: Click on 'Check Eligibility' to see your eligible loan amount.

Step 4: Select the type of loan under the 'Basic information' tab.

Step 5: Click 'Yes' if you have shortlisted a property else select 'No'. Fill your name under 'Applicant's Name'. You can add up to 8 co-applicants.

Step 6: Under the 'Applicants' tab, select your residential status (Indian / NRI), and enter all the required personal details.

Step 7: In the 'Offers' tab, all loan products and information will be shown.

Step 8: For the loan product, enter the date of birth and password, and click on 'Submit'.

Step 9: You will then be required to upload all the documents.

Step 10: Pay the processing fees and the online loan application is complete.

Here are the eligibility criteria for home loans as per HDFC Bank's website:

- Your age plays a vital role in determining home loan eligibility. The younger you are, the better your chances of getting home loan approval. Also, when you are young, you can get a loan for a longer duration.

- Income stability and quantum of income significantly impact the amount you can borrow. Whether you are a salaried employee or self-employed, you must have a steady income.

- A high credit score and clean repayment records will enhance your chances of getting a faster loan approval.

- Lenders evaluate the existing liabilities such as personal loans, credit card bills, car loans, etc., to ensure that you have the financial capacity to repay the home loan. If you have no liabilities, you may get your loan approved without any hassles.

In general terms, home loans are just every other loan, an amount that an individual borrows from a financial institution such as a housing finance company, banks and NBFCs to buy a new, or a resale, construct a home or renovate or extend an existing one. Similar to other loans, home loans are provided at specific interest rates and the borrowed amount is repaid within a particular duration in smaller instalments known as EMIs (Equated monthly instalments).