Looking for an instant Home Loan that doesn’t require physical document submissions? Check out these popular options.
If the thought of endless paperwork and document submissions is stopping you from getting a Home Loan, worry no more! We’re doing away with paperwork. Or at least getting there. Now getting your dream home is no longer a daunting task – just log on to BankBazaar, check your eligibility, compare between different banks, and apply for a Home Loan that best suits your needs.
Additional Reading: 75 Million Reasons To Celebrate PaperLess
As of now, we have just one bank offering ‘100% Paperless’ Home Loan – ICICI Bank Home Loan. Here’s everything you need to know about it:
ICICI Bank Home Loan
It’s simple and easy to get an ICICI Home Loan. Plus, it comes with many lucrative features too.
- Interest rate range – 8.40% to 8.85%, Floating (Starts at 8.35% for women applicants.)
- Processing fees – 0.5% of the loan amount, subject to a maximum of Rs. 11,800
- Maximum loan amount is Rs. 10 crores
- The repayment tenure extends up to 30 years
- No guarantor is required
- Part-payment is available and there are no fees for part-payments
- No pre-closure fee for floating rate loan
- Top-up loan facility and balance transfer is available too
There is a ‘Women’s Special’ offering from ICICI bank too. This loan is available if the primary applicant is a woman or the first co-applicant (in case of a joint application) is a woman. This loan also doesn’t require any paperwork and has similar features as the loan discussed above. The only difference is that the interest rate starts from 8.35%. Interested? Check your eligibility for this loan now.
Soon more banks will be going the paperless way, but until then bear with the paperwork. Don’t worry, we’ll make things easy for you!
Additional Reading: 9 Paperless Approval Personal Loans Available On BankBazaar
Why apply for a Home Loan via BankBazaar?
There are numerous reasons as to why you should get your Home Loan through BankBazaar. Here are a few:
- Get free, customised quotes in an instant
- Compare between different lenders and choose the one that fits your requirements
- BankBazaar constantly monitors and updates interest rates, so you can get the lowest rates available in the market
- Great deals, exclusive benefits and huge savings
- Easy-to-fill eligibility slides and quick online approvals on applications
- Home Loan EMI calculator with amortisation table to help you determine your repayment amount and schedule
- Lots of user reviews to help you make the right choice
- Dedicated customer service for end-to-end support, from submitting your application smoothly to disbursal of your loan
- Regular updates on your application status via SMS and e-mails
- A dedicated mobile app to keep a track of your finances, track application status, and even apply for a loan/other products
- Limited-period offer – Apply for a Home Loan via BankBazaar and get a Rs. 10,000 gift voucher from Amazon on disbursal. Applicable only on loans applied for by 28th February 2018 and disbursed before 31st May 2018.
What banks look for before approving your Home Loan application?
There are quite a few factors that all financial and non-financial banking institutions offering Home Loans take into consideration before concluding if a person is eligible for a loan. If you’ve constantly faced rejections, you may want to keep these Home Loan eligibility criteria in mind to avoid future rejections:
Your Age – The age of the applicant plays a vital role. Most lenders keep the minimum age requirement at 21 years. The maximum age limit is capped at 65 years, with a few lenders limiting it to 60 years of age too.
Employment – Being employed is a sign of financial stability. Your earning capacity reflects your ability to service EMIs, pay interest charges, etc. Banks have set criteria for both salaried and self-employed individuals.
Income – Although it depends on whether you’re salaried or self-employed, a minimum income of Rs. 5 lakhs to Rs. 7 lakhs would be required.
Current Residence – It is an indirect indicator of employment as well as financial stability. Most banks consider at least a year of stay at the applicant’s current residence as a sign of stability.
Credit History – A good Credit Score and a clean credit history are requisites when it comes to Home Loan approval. These will also determine your rate of interest and loan amount.
Current Credit Standing – Before approving your loan application, banks will look at your current credit standing i.e. other loans that are currently being serviced by you. Based on this information, they will be able to gauge your repayment capability.
Bonus Read: 15 Awesome Credit Cards With No Paperwork
If you’ve met all the above requirements mentioned above, your Home Loan application is less likely to be rejected. Great offers await! Check your eligibility today.