With a plethora of digital lending platforms available in the market, selecting the best digital platform for home loans is an important consideration.
Just like pursuing higher education in a university of choice or achieving a milestone like marriage, buying a house is one of the few life events which are both crucial and cherished. Besides being considered an investment, buying a home is driven by emotions.
However, buying a home necessitates a significant amount of capital, and most buyers turn to a home loan to own their dream home.
Pramod Kathuria – Founder and CEO, Easiloan, says, “Availing a home loan is no longer an arduous process, thanks to digital lending platforms that have simplified the entire procedure for securing loans, with a few clicks and are completely paperless.”
He further adds, “With a plethora of digital lending platforms available in the market, selecting the best digital platform for home loans is an important consideration.”
So before opting for a digital home loan, here’s what you need to consider to choose the right platform that fits your requirements;
Check the credibility of the lender
A digital home loan platform will guide you to the best bank offers and give you the freedom to choose according to your preference. At times, the platform itself might be issuing a home loan on its books.
In either case, Kathuria says it is always best to check the lender’s reputation in the market. “Remember, digital home loans and house purchases are one-off events but the lender-borrower relationship lasts anywhere between 10-30 years,” he adds.
Furthermore, it is equally essential to consider if the digital home loan provider is ISO: 9001 and ISO: 27001 certified. Verifying this ensures that the lender you choose follows world-class data management practices, including protecting your privacy and providing you with a secure transaction.
Go for a platform with maximum options
Industry experts say it helps to go with a digital platform that aggregates and enables loan applications for multiple banks. This ensures that you choose your home loan from a host of options and are thus assured of having picked the best one. Also, Kathuria explains, “in case something goes awry with your first lender, the platform can automatically switch you to the other.”
Make sure the platform provides assistance
A digital lending platform must provide a robust and real-time customer service process. Furthermore, experts say a reliable digital platform always provides services like sending interest payment reminders via email and SMS to connect with their customers. As a result, Kathuria points out, “it’s always ideal to double-check with the platform to see whether they can provide expert help or human intervention if necessary, especially if things don’t go as planned.”
Read the terms and conditions
To avoid the mundane task of reading, borrowers click on the ‘Agree’ option without even reading the loan terms and conditions. However, according to Kathuria, it is essential to read all the terms and conditions thoroughly and check the interest rate for your financial security.
Remember, that getting a home loan is akin to getting into a lifetime of commitment ranging anywhere between 10-30 years and this trumps the one-off home purchase by far.
Hence, Kathuria explains, “choosing the right digital home loan platform and through them the perfect lender is key, do this well and it may turn out to be one of your best life decisions.” The right banking partner will also help you to maximize the benefits of a paperless home loan.