18 FEBRUARY, 2022

Purchasing a home is one of the first financial goals many people set for themselves as soon as they start earning. While some choose to wait for years to afford a house property, many opt for a home loan. After all, home loans have many advantages. With home loans, people like you who dream of settling in their own home can purchase any house property without exhausting their savings. With home loans, you can defer the purchase amount and pay it comfortably over several years as per your financial viability. The best thing is, you can apply for a home loan in a few clicks. You need not stand in queues to gather details or fill out the application form to get a housing loan. With digitalization, you can conveniently fill out the application form from the comfort of your home or office.


If you have been planning to buy a house property, here is an ultimate guide to help you apply for your home loan online.


  • Research and analysis

You must do adequate research before you apply for a home loan. You must consider aspects like interest rates, customer services, processing and pre-payment charges, maximum loan amount, etc., and gather all the details about the loan and the lender. You must also ensure to enquire about all the hidden charges before you sign below the dotted lines. 


  • Check your eligibility

Lenders check applicants’ eligibility while processing their loan applications. Therefore, before applying, visit the lender’s website and check your home loan eligibility. You can improve your eligibility by applying for a joint home loan, improving your credit score, declaring additional income, etc.


  • Calculator loan EMI

You must ensure that you can afford the loan you want to avail before applying. Borrowing more than your repayment capacity can adversely affect your finances. You can calculate your EMI with the help of a home loan EMI calculator available on the lender’s website.


  • Choose the Interest rates

You would need to choose between floating and fixed interest rates while applying. Your choice will impact your cost of borrowing. So, you must ensure that you choose carefully and get the lowest rates. You must know that while fixed interest rates are constant, they are slightly higher than floating interest rates.


Complete the application process

Once you have chosen the lender and have calculated your eligibility and EMI, you can proceed with the application process. You can apply for a home loan with the following steps:

  • Visit the lender’s website and click on the ‘apply now’ tab.
  • Provide your basic details like name, income, ID proof, address proof, etc.
  • Input values for tenure, interest rates, and loan amount
  • Upload your documents and paperwork to complete the application. Ensure that the documents are complete and updated to avoid rejections.


Today, most of the home buying process is customer-oriented. You can look for houses online, get the best rates and even complete the purchase process through digital payment methods. Similarly, applying for a home loan is digitized too. However, be cautious and carefully study the loan application form while applying. Choose the lender carefully and read the fine prints to avoid any nasty shocks in the future.

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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.