India has a sizeable market for affordable, yet good quality residential units. The recent inflow of inhabitants hailing from various suburban parts of the country to her Tier-1 and Tier-2 cities has fuelled rapid development of the housing industry.
The requirement for good quality houses has also fuelled the demand for secured credits like housing loans. These have become one of the most sought-after products to provide the necessary financial backing required to purchase a house or flat in a metropolitan area.
A brief look into India’s home loan market
- 8% to 11% growth – In housing credit is expected
- Approx Rs.22 lakh crore – Is the total outstanding credit for housing loan
- 25% year on year growth – Of housing units is likely to be realised across the top 7 cities in India.
A significant number of applicants are applying for a home loan every year from both private and public sector Housing Finance Companies. Affordable interest rate, flexible repayment tenor, and easy E- home loan application process allows customers to reap the benefits of such credits with ease.
Customers can also keep track of their home loan’s application status online, knowing whether it has been approved or rejected for any reason. It also helps them stay updated on any changes in the important clauses of home loan agreement.
How to Check Application Status
Applicants can check their housing loan application status both online and offline according to their convenience. Let’s take a look at the step by step process of the same.
- Online Steps –
Almost every Housing Finance Company offers dedicated online platforms to apply for a loan. Customers can navigate to the official website of their respective organisation and check the status of their home loan. However, they will have to go through a verification process where they will need to provide the following details –
- Application reference number.
- Registered contact details (including phone number).
- PAN Card details.
- Date of birth.
After entering the necessary details, they can proceed to view the status of the application.
- Offline Steps –
Customers can visit the nearest branch of their financial institution, or call them at their customer care number to raise any query about their housing loan application. They will have to provide at least some verification details, like application reference ID, name, PAN details, etc. to learn about the loan terms they are eligible for.
With the introduction of the online home loan application process as well as application tracking facilities, it has become significantly easier for prospective customers to track the progress of their application.
There are several Housing Finance Companies that offer such credits to eligible applicants. Companies like Bajaj Finserv offer such advances against the affordable rate of interest, flexible repayment tenor, and several other borrower-friendly features and benefits.
They also provide pre-approved offers that simplify the process of application and help save time. Such offers are available on both secured and unsecured loans, including home loans, personal loans, business loans, etc. You can check your pre-approved offer online by sharing only some essential details.
Essential Things to Remember for Home Loan Application
There are several factors that play a crucial role while completing home loan online apply or status check. These include –
- Lack of a reference number – In case an applicant does not have a reference number, he or she should contact their financial institution immediately to retrieve this essential detail. Reference numbers are issued with each application and the home loan offer. It is used to identify each application as well as track it whenever required.
- Change of rates – Customers opting for floating home loan rates should be aware of the quarterly revision of the RBI’s repo rate, which can affect their current home loan interest rates. They can check it along with their application status online; the website will display the rate of interest applicable to their credit account along with associated details.
Customers can also determine their payable monthly instalments with an online home loan EMI calculator. Also, they will find all the essential fees and charges applicable on a home loan on the official website as well.
Following the above-mentioned steps, one can easily check the status of their home loan apply online, and successfully keep track of the progress of the same. One can also find details if the application gets rejected, along with the possible causes that led to the denial.