People seeking to fulfil their dream of purchasing a new home often face the tedious task of selecting the best lender and completing the application process. This can reduce their excitement about moving to a new place.
However, the possibility of applying for home loans on WhatsApp offers a convenient and streamlined experience, allowing individuals to choose and apply for the loan that best fits their needs with just a click. Keep on reading to know how easily one can apply for a home loan with WhatsApp.
Steps to apply for a home loan on WhatsApp
The following are the steps to apply for a home loan on WhatsApp:
Step 1: Scan the QR code of a lender or save ‘750 750 7315’ on the mobile and text ‘Hi’ to initiate the home loan application process.
Step 2: Provide personal and financial details in the application, to check home loan eligibility and loan offer.
Step 3: Download the digital In-Principle sanction letter in 10 minutes by paying Rs.1,999 with GST.
However, there are other ways as well in which a borrower can apply for a home loan.
What is the other way an individual can apply for a home loan?
Another way an individual can apply for a home loan instead of WhatsApp is by visiting a lending institution platform:
Step 1: Go to the official website of the lending institution.
Step 2: Look for the ‘housing loan application form’ and select ‘Apply Now’.
Step 3: Submit personal details like name, date of birth, employment type, etc.
Step 4: Select the loan type and enter the average monthly income.
Step 5: Enter the PIN code and the loan amount needed.
Step 6: Press the ‘Generate OTP’ button and input it in the required field.
Step 7: After giving the OTP, select the ‘Proceed’ option.
Step 8: Enter all the required financial details and complete the home loan application form.
Step 9: Click ‘Submit’ to complete the application process.
What are the eligibility criteria to apply for a home loan?
An applicant needs to fulfil the following eligibility criteria to avail the home loan:
They must be an Indian resident between 23 and 75 years old (depending on whether the lender is a salaried applicant or self-employed).
To ensure easy approval for a home loan, one must have a credit score of 750 or above.
A salaried individual must have at least three years of work experience in a private, or multinational company. On the other hand, self-employed individuals must have a continuous business of more than five years.
What details does one need to submit while applying for the loan via WhatsApp?
The following are the details one needs to submit when they apply for home loan on WhatsApp:
Personal details like the applicant’s name, date of birth, PIN code, etc.
Loan-related details like loan amount, loan tenor, etc.
Financial details like the individual’s monthly income, etc.
The applicant’s occupation type.
Type of loan whether a new home loan or balance transfer.
Details of the property.
Various financial institutions provide pre-approved offers on their products, like home loans and loans against property. These offers expedite the loan application process for existing borrowers. Individuals can check their eligibility for these offers by entering their details on the lender’s website.
Applying for a home loan on WhatsApp streamlines the process, offering individuals a convenient way to fulfil their dream of homeownership. By providing the required details in the platform, users can swiftly apply for a loan within minutes. This innovative approach transforms the traditional loan application process, making it more accessible and efficient for aspiring homeowners.
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