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Steps to Apply for a Home Loan Online During Diwali

Diwali is one of the most important festivals in India. This is a time when Indians are more likely to opt for long-term investments, one of which is purchasing a home. With all 8 major cities in the country experiencing a rise in property prices, with the highest rise being 11%, people are looking for housing loans to buy the home of their dreams.

Every year, financial institutions come up with some of the best home loan offers at this time of the year. This year is no different as a number of them are offering attractive home loan Diwali offers 2023. 

All about the home loan Diwali offer

Banks and Non-Banking Financial Companies across the country are offering excellent offers on Home Loan to customers this festive season. Whether you are planning to purchase an under-construction home or a ready-to-move one, these loans can be customised accordingly. 

While choosing their dream home, customers do not have to worry about the sanction amount. This is because most financial institutions are offering high loan amounts for customers who meet the eligibility criteria. In order to check the home loan eligibility, customers can use the home loan eligibility calculator that is available online.

Prospective customers can take advantage of the lowest interest rates in the market. Borrowers have the freedom to avail a long repayment tenor at their convenience. To find out how customers can repay the loan conveniently, they can use the home loan EMI calculator. Borrowers can further customise their repayment option and pay only a part of their EMIs to begin with.

Customers who will apply for the home loan within Diwali and get approval for the same are eligible for this special interest rate. Applicants can expect to get approval as well as disbursal within a few hours of applying for a home loan during Diwali.

The entire loan process, from application to disbursal of a home loan, takes place online. Applicants can completely skip branch visits by opting for doorstep document pick-up. Additionally, borrowers can manage their loan details online as well.

There are several banks and other financial institutions that offer pre-approved loans to their long-standing customers. Borrowers get a lot of additional benefits, like quick loan disbursals, if they opt for a pre-approved home loan. Applicants can visit the official website of their preferred lender to check whether they are eligible for pre-approved housing loans.

Steps to apply for Diwali special home loan online

Applying for a home loan online is extremely simple and hassle-free these days. Prospective applicants planning to make the most of the home loan Diwali offers 2023 might be wondering as to how they can apply. Here is a step-by-step guide as to how they can apply for home loan online during Diwali:

Step 1: Log in to the official website of the lender.

Step 2: Navigate to the home loan application form.

Step 3: Now enter all the personal information like name, contact details, employment type, and income details. Also, provide the area PIN code.

Step 4: Once all the details have been provided, enter the OTP that is requested. Complete the remaining steps of the application.

Step 5: After submission of the application form, the lender’s representatives will contact the applicant within a few hours. They will help with the remaining steps so that customers get a hassle-free experience throughout the entire application process. 

This will help applicants in a way that they do not make any mistakes while applying for the loan, which can hinder approval and disbursal.

Eligibility criteria to opt for home loan Diwali offers 2023

Applicants need to fulfil the eligibility criteria to get approval for a home loan these days. Here are the details of the same for interested applicants:

  • Nationality: 

Indians residing in India as well as Non-resident Indians.

  • Age: 

Individuals should be generally between the age limit of 23 and 75 years. The upper age limit is taken into consideration during loan maturity. Further, the upper age limit for salaried individuals might change depending on the profile of the property they choose.

  • Credit score: 

Applicants need to have a credit of 750 or more to be eligible for the Diwali special home loan interest rate.

  • Employment: 

The Diwali special home loan interest rate is applicable for salaried individuals. They should have a minimum of 3 years of work experience in public sector, private sector or multi-national companies and self-employed individuals must have a business vintage of 5 years.

It is good to maintain a good credit score of 750 or above while applying for a home loan to get approval. If the loan amount is huge, then the lender will consider this to understand the creditworthiness of the borrower.

In case it is not possible to meet all the eligibility criteria, an applicant can include a co-applicant who meets all the eligibility criteria. The co-applicant does not have to necessarily be a co-owner of the property and can be any close relative.

Documents required to benefit from home loan Diwali offers 2023

To complete the home loan application process, applicants need to submit a number of supporting documents. Here is a checklist of all the documents applicants need to produce while they apply for housing loan:

  • KYC documents: 

Aadhaar card, voter ID card, driving license, passport and recent photographs

  • Mandatory documents: 

PAN card and form 60

  • Property-related documents: 

Title deed, property tax receipt and allotment letter.

  • Proof of income: 

Last 3 month’s salary slips and statement of primary account for the last 6 months

The lender might ask for additional documents at the time of home loan application and processing.

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