Today, especially now when property prices are charting new peaks every day, the role of home loans in helping borrowers realize the dream of homeownership cannot be undermined. High loan sanctions, low latest home loan interest rates, long repayment tenor and simple loan application process are some of the factors responsible for the growing popularity of home loans. Also, home loan tax benefits are a boon for Indian taxpayers. 

In 2023, banks across the country lent over 2.5 trillion rupees in loans. These are massive numbers, vastly reflective of the way this market is growing. Further, the option of home loan apply online has further increased the popularity of these loans. Today, borrowers need not necessarily go to a lender’s office to apply for a home loan. One can easily apply for these loans online while sitting within the comfort of one’s home. 

Let us walk the readers of this article through the online home loan process. 

Home Loan Apply Online: The Whole Process Explained in Detail 

1. Select Your Lender: To start with, do some research and find the right lender for you. Ideally, a good home loan lender has been in the lending business for at least a few years, has a good reputation and customer-first approach, is trustworthy and is willing to negotiate with you on the loan terms and conditions. You can also use a home loan EMI calculator to compare offers from different lenders and select the most beneficial one for you. 
2. Make an Application: Once you have finalized the lender, apply for a home loan. To apply for a home loan online, simply go to your selected lender’s website and access the home loan form. Fill out the form by filling in all the fields correctly and attaching all the home loan documents asked for. Pay a one-time, non-refundable fee and submit your home loan application. 
3. Wait for Your Lender to Get Back to You: Once your lender receives your home loan application, they will go through the information provided in the loan application carefully. If they decide to sanction you a loan, you will be asked to attach additional home loan documents, including identity, income and address proof documents as well as  
4. Wait for Document and Property Verification: All lenders verify the authenticity of all the documents submitted by the loan applicants to ensure the property has a free lien and is not mired in any legal trouble. 
5. Sign the Loan Sanction Letter and Offer Letter: If you pass the document verification stage, your lender will release a home loan sanction letter containing details of the home loan offer letter being made to you. Go through the letter carefully. Sign it only if you agree with everything mentioned in the document. If you have disagreements, take them up with your lender and negotiate for better loan terms and conditions. 
6. Wait for Loan Disbursal: After you have signed the final loan agreement, your lender will release the loan money into your account and it is now that your EMIs will start. 

Home Loans: Everything Else You Need to Know 

Now that we know how to home loan apply online, let us wrap up this article by highlighting some of the other things that you must know about home loans. 

1. The latest home loan interest rates start from 8.35% per annum. However, your lender may charge you a much higher rate of interest if you do not have a good credit profile. Maintaining a high credit score, a stable job and income, a low debt-to-income ratio and opting for a low LTV ratio loan are some of the easy ways to avail yourself of a low-interest rate home loan. 
2. If you are not happy with your current lender’s loan terms and conditions, you can opt for a home loan balance transfer. This facility allows existing home loan borrowers to transfer the remaining balance on their home loan from their current lender to another willing to remortgage the loan on more favourable terms and conditions. When you opt for a home loan balance transfer, lenders also give you the option to avail of a home loan top-up. Top-up loans come with zero end-use restrictions and can be used to handle various personal and professional needs. 
3. Lenders generally ask for several different home loan documents. To experience a hassle-free process, talk to your lender beforehand and request them to give you a list of all the home loan documents you will need to submit. Keep all these documents ready for a hassle-free loan application process. 
4. Lastly, if you plan to apply for a home loan shortly, start saving for a down payment starting now. Paying a higher down payment will not only help reduce the loan amount and therefore, the loan EMIs but also allow you to secure better terms and conditions on your loan.