How to use technology in making the right home loan/mortgage decision
The flank of technology is increasing by each passing minute and more and more of the industries are coming into the purview of this haven where there is reduced paper work, ease in processing and instant carry out of decisions.Things and jobs that took forever to complete are now accomplished within a few seconds or should we say within a few clicks. When everything is being touched by this magic wand to ease out the processes, then how can the home loan industry lay back?Technology in this respect is now providing a platform where the buyers and the lenders can get connected and the information flow is easy and hassle free. This technology is benchmarking the very essence of theindustry and hence helping the buyers in more than one ways in making the informed decision.
• Ease that technology has provided to the customers of home loans and mortgage loans is the ease of being able to work from home or any other place for that matter. The traditional concepts of standing in lines, with all the required papers in hand, waiting for the approvals are gone. The home loan buyers today are making their way just to their PCs and within a few clicks are able to grab a loan for themselves.
• Secondly, home loan buyers now have the access to the different schemes and offers being made by the different players in the field, all while sitting in a single place. The virtual worldof internet and technology has bought all the buyers and the lenders with their different schemes on a single platform. This has made decision making extremely comfortable for the buyer. Since all the schemes are available on a single platform, the buyers can easily compare among the different loan types and the offers that are being made to make an informed decision, suiting their requirements. Just a decade back the customers had to put in herculean effort to gather such information which is now available within a few seconds over the internet. Therefore, the system of digitization of the home loan industry is definitely making decisions better and more informed for the home loan buyers.
• In the period where the apps and the websites rule the day, the times are changing for the home loan buyers too. These days the required documents like the IT certificates can easily be downloaded online, amortization schedules can be maintained, payment history can be tracked, the installments that have been made and the ones that still need to be made can be checked and paid easily. The stress from the equations of choosing the right loan, retrieving and filling the documents and following through with the accounts of loan repayment has been eliminated.There are a number of websites that are catering specifically to this purpose and make the life of the loan borrower extremely comfortable.
• Another boon that technology has bought in to make the life of the home loan buyers easy is the Home Loan Eligibility Calculator. This tool works miraculously in calculating the total payable amount, cost of the loan to the buyer each month, the processing fees and even clarify the borrower’s status regarding the eligibility for the loan. Based on these calculations the buyers can easily adjust the home loan and tenure of the loan as per their convenience.
• Websites are making the process of home loan buying even more hassle free through easy access to information. If the borrower finds himself/herself in a tight spot, where they are unable to decide among the different lenders over the internet, they can easily log onto the NBFC’s website fill out a simple questionnaire and receive a sanction letter from NBFC. This process can be followed through by anyone to help them know their home loan eligibility in a few minutes and thus making an informed decision regarding thechoice of the right home loan.