25 JUNE, 2021

With digitisation, everything has become relatively easy and quick. Applying for a home loan in India is no exception. With an online presence and seamless user interface, you can complete the application process within a few minutes.

Go through this step-by-step process mentioned below to fill your loan application form:

  • Visit the lender’s website and select the option to Apply for a housing loan
  • Enter your personal details - Name, phone number, age, occupation, DOB, email id, etc.
  • Enter your address, pin code, city of residence.
  • Enter your employer/ company name
  • Enter your property details on which the loan is applied
  • Enter estimate property cost
  • Input the current means of financing the home property
  • Submit the details

Alternatively, most lenders provide you with the option to download the application form and fill it manually.

 

Check Application Status

Once you have applied for a home loan, you can check the application status:

  • Visit the lender’s website
  • Provide the following details to check your application status: your name, date of birth, contact, PAN number, reference number
  • Choose the product type and select the option to track your application status

 

What Do You Need to do Before Filling Your Home Loan Application?

Though the loan application is simple to fill, there are certain things you should keep in mind before filling the form.

  • Check the eligibility criteria
    Getting your home loan application rejected can affect your credit report adversely. Before you fill the application form, ensure that you fulfil the eligibility criteria of the lender. The eligibility criteria is based on age, income, credit score, education qualification etc. Your credit score is a crucial eligibility requirement. Ideally, to get a cost-effective deal on a home loan, you must have a credit score of 700 or above.
  • Keep your documents handy
    Often the home loan application is delayed or rejected due to submission of incomplete documents. Check the document requirements from the lender’s website before you click on the ‘Apply Now’ button. You can alternatively contact the lender’s representative to know about the documentation. Before you apply for the loan, ensure that you have all the documents handy with you that includes accurate and updated information. You would need your KYC documents, property documents, and income documents to apply for a home loan.
  • Use an EMI calculator
    Before you proceed with the loan application, make sure that you can afford it. Check on the home loan EMI that you can expect, using a home loan EMI calculator. Using details like loan tenure, interest rate and loan amount, the EMI calculator calculates your EMI, total repayment amount and the interest component. You can input different values in the tenure tab, to find the EMI value that you can easily repay. EMI calculator would also help you find the optimal tenure as per your financial capability.
    Once you fill your loan application form, you can relax and wait for the approval. You can get approval for a home loan within 24 hours from Kotak Mahindra Bank. Now that we have explained this simple process, why wait? It’s time you apply for a home loan now!

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.