Offline Vs Online Home Loan – How to Choose the Best one?
Source : business.khaskhabar.com | Oct 26, 2021 |
Online home loans have made accessing loans easier. Thus, you need not
rush to a bank to get your loan sanctioned. Instead, you can use online
portals to apply for a loan and submit your documents virtually. It is
clear that online home loans have enhanced accessibility and also
reduced the hassle. However, first-time borrowers generally face the
dilemma of choosing between online and offline loans. Which is better?
Choosing
a home loan depends on various factors, and you must know the following
differences between an online and offline home loan before opting for
one.
Submitting DocumentsWhile you
apply for home loan,
you need to submit certain documents to sanction the loan. You can
submit these documents virtually in the case of online loans. If you opt
for an offline loan, you would have to visit your lender's office or
the bank to submit your documents.
The process of verifying the
submitted documents is also faster in the case of online loans. As a
result of already being fed into the system, most of the documents get
verified automatically. However, in offline loans, you have to submit
the documents to an employee who in turn verifies them. Thus, the
process taken to verify documents offline is slightly prolonged, and the
loan takes a more extended period to be sanctioned.
Checking your Home Loan EligibilityBefore
you apply for a loan, remember, every loan has specific eligibility
criteria that you need to satisfy to have the loan sanctioned. If you
opt for an online home loan, you would be able to check its eligibility
criteria on the website. Most companies providing online loans in India
also have a detailed list of their interest rates. Thus, you can quickly
check for your eligibility, followed by going through the interest
rates of each loan.
On the contrary, if you plan to apply for an
offline loan, you have to physically visit the loan provider's office
to know the eligibility criteria,
current home loan interest rates, and the like.
Thus,
one can conclude that online loans are generally more feasible than
offline loans. Online loans can also be sanctioned faster than offline
loans and are therefore preferred by most. However, the growing
popularity of online loans in India does not mean they are replacing the
importance and popularity of offline loans.
While on the one
hand, online loans have several benefits, they have a few drawbacks too.
For instance, individuals need to be tech-savvy to apply for these
loans. Offline loans have provisions where the manager or an employee
can assess the borrower to apply.
As a result, offline loans are
widely popular amongst the aged and those who do not have access to
computers or laptops or are illiterate.
Some people also prefer
offline loans owing to cyber threats involved in submitting their
documents online. In such cases, you might feel offline loans provide
greater security.
But, consumer protection and data security has
become the top priority in the Indian financial landscape thus boosting
financial inclusion. The kind of loan you choose solely depends on your
subjective preference. Remember, online and offline loans vary only in
feasibility and have the same provisions and interest rates.
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