Learn How Technology is Making it Easier to Get Home LoansNovember 28, 2018
The advent of online technology has made the online process much easier and reliable. It has shaped a lot of industries in modern times and it also includes the banking sector. You might have noticed that financial services have improved a lot, courtesy improved online technologies. This has also led to a drastic change in the application process for how you get home loans. Not only has it become easier to apply for a home loan but the process has also become faster and smoother as well.
Let’s take a look at how technology has helped people to get home loans easily.
One of the biggest problems that you generally face while applying for a home loan is application assessment. It helps to decide if your loan application would be accepted or rejected. This process used to be manual. Now, thanks to technology, this process is taking place instantly. Whether or not you are eligible for a home loan can be now figured out in seconds with the help of new age technology.Banks and other financial institutions can right away point out if you can get a home loan based on their credit policy and other regulations. In case they want to change any of their policies, they can do it right away and it will be reflected in real-time.
If you want to avail a home loan, the lenders would need to assess your property’s worth. This would basically mean that a valuer would have to visit the property physically. He/she would have to examine it manually in order to denote a value to it. In order to sanction a home loan, the correct value is assigned to a property. So, this is an important part of the home loan process.
But with the advancement in technology, lenders can now use valuation tools to figure out an estimated value of a property. So, now lenders can perform automated desktop valuations. While doing so, they will also be informed right away if there is a need for a curbside valuation. Customers can also use these tools to get a better idea of their property.
Loan application processes are steadily moving online and it is an easier process as well. On top of all this, if you apply for a home loan online, chances are you will get better interest rates and offers. Plus, it’s convenient because you can apply for the loan from any location. There’s no need to go anywhere and the entire process is a seamless one.
Electronic signatures have become pretty popular in some countries. This service helps both the lenders and the borrowers to send electronically signed documents to each other. It saves time as well as money since there is no postage nor traveling involved.
In order to check the credibility of an applicant, lenders can tie up with financial software partners who can help retrieve bank statements. Login credentials are destroyed after a few seconds due to the security reasons but it helps the lender to get a verified bank statement. This helps the lender to make a decision in a matter of minutes. And, along with all this, banks and other financial institutions have rolled out e-KYC processes that minimize the time taken to get a loan.
Hence, this means that applying for a home loan has become extremely easy with the advent of online technology. Approval takes a really short time so it gives you more time to assess your options.