Home loan is a financial product that an individual seeks from financial institution at a predefined rate of interest and have to repay it to lender with EMI on every month. When borrower takes a loan, then customer’s property is taken on security as collateral. Home loans have given people opportunities that are low on financial assistance as well as it works as an effective tax saving option. Nowadays, applying such loan has become digitized; therefore, customer can easily secure it from comfort of his/her personal space. Here, we described the process for loan seekers that how to apply for an online home loan from ShubhBank as process of visiting branch has removed with the advent of technology.

One can “Apply For Home Loan“ simply by clicking the apply button on website i.e. ShubhBank.com. We will get in touch with our clients and process the loan approvals after collecting the documents from their doorsteps. Once the documentation is completed, loan money gets disbursed to your bank account electronically. The borrowers can compare interest rates of different lenders at real time basis to online platforms. An individual can easily track interest rates, penal charges as well as terms and conditions from the comfort of their homes.

SOME BENEFITS RELATED TO ONLINE HOME LOAN

• Convenient and Transparent: Most of the traditional home loans require plenty of time of bot the loan seeker and lender. Therefore, online home loan is an instant answer to such time consuming procedures as you can get loan approvals in as fast as just in few minutes or hours. The major progression behind this could be contributed to the digitization of process from online application to approval and fast disbursal.

• Quick Processing: The conventional method of applying a home loan has always left the customers waiting for numerous weeks. This wait becomes more painful in case when your application got rejected. The e-loans have reduced the turn round time for customer responses as lenders can now process applications and notify loan borrowers about whether their application was approved in matter of couple of days. It saves mark able time for the borrower in making the decision and hastens the process of handing over down payment for their dream home. The customers don’t have to wait for weeks to step into their newly purchased home with quick approvals and disbursal of funds.

• Determine your Eligibility: If person apply for traditional home loan, he/she requires submitting a pile of documents to prove their eligibility for a home loan whereas if you “Apply For Home Loan Online“ it gives client an option like eligibility criteria checklist, EMI calculator and can compare different lenders on particular lending website.

If you are looking for home loan in upcoming days, visit ShubhBank.com as the home loan is exquisitely designed to ensure a quick approval and express disbursal into your account in just few days. Getting an online home loan from us is very convenient and easy.

Having own house for an individual is the aspiration and dream of many life, as nobody wants to continue to pay the rent throughout their lifetime. Every person wants to get free from paying rent and for that, we have the benefit of home loan at ShubhBank which is the most beneficial loan in fulfilling your desire of having your own home. But before getting approved for home loan from the lenders may requires some amount of charges, which are basic costs and are levied form every financial and lending institutions. Generally, masses get so engrossed in the rates of interest and the EMI that they forget the hidden additional charges which are levied on them being borrower. Before applying you should have the proper knowledge of these different types of costs involved in securing home loan. Such of these costs are:

1. Loan Application fees- First of all, for processing your application, usually lenders require some amount of charges which may vary up to Rs.1000 to 5000. They are charged for the application purpose, to conduct the verification of your application and provided documents.

2. Processing Fees- Processing fees is the basic charge which gets deducted almost in every loan options, as it covers the cost of credit appraisal and it generally ranges between 0.50%- 2.0%, of the loan amount including the applicable taxes, which are levied.

3. Administration charges- When the loan quantum gets sanctioned from a lending institution, an administrative fee is charged. It varies from lender to lender regarding the charge.

4. Technical Valuation Charges- These are the charges which are regulated in the process of the assessment of the property. While you “Apply For a Home Loan“ at least two valuations are done; these are generally done in the case of high value property.

5. Balance transfer charges- These charges are levied when the borrower wants to transfer his amount to another lender. And to do so, he/she is supposed to pay the balance transfer charges to the current lender from which he has a running loan to another lending institution to avail this feature.

6. Legal fee- The fee is charged for the scrutiny of provided legal documents that include the agreement of sales or purchase of property.

7. Pre-payment charges- These charges are levied when the borrower wants to prepay a specific amount of loan in full or in parts. But if you have floating rates with your loan quantum then there is no need to pay it, but if you have fixed interest rates running then it is applicable.

8. Notary fees- This fee is levied for the KYC (Know your customer) documents or for the POA (Power of attorney) , in which it is required to get notarized from any local notary. This is basically for the NRIs, who want “Home Loans In India“.

9. Documentation Fee- It is a mandatory fee which is charged after the loan agreement is signed and ECS (Electronic Clearance Service) is activated.