home loan

Online Vs Offline Home Loan Application – Which One Is Best For You

A home is among the top basic needs for all of us. And a home loan allows you to buy your dream home by providing you with the required sum, which can be repaid in EMIs or Equated Monthly instalments over the years. Today, you have the convenience of buying home loans online along with traditional mediums where you have to visit the branch.

In this blog, we are comparing these two ways of acquiring home loans –


Home loans are among the highest demanded loan categories. Throughout the year, banks and financial institutions experience a heavy influx of applications. This increases the chances of some applications getting misplaced. Moreover, you will have to stand in a long queue to submit your application, which is another issue.

However, when you are applying online, the application is stored digitally. Therefore, there is no risk of your application getting misplaced. Moreover, online platforms instantly accept your application without any waiting.


If you are looking to get your home loan as soon as possible, then the online application is the right option. To begin with, you can apply for a home loan at the comfort of your home. This saves you the time that you spend on traveling to the branch.

Online platforms use software like a home loan EMI calculator that offers all the required detail in one place. By eliminating the need to go through all the arduous pre-application process, you will be further saving time.

Checking the Eligibility

If you choose the traditional medium, you will have to visit the Branch and stand in a long queue before you can determine whether or not you are eligible for the loan.

 On the other hand, when you fill a request for a home loan online, you get all the information in one place. For instance, you send PNB housing a home loan request; you will be asked to fill in certain information. Post that, from PNB housing loan interest rate, EMI, to tenure and loan amount; everything will be visible on a single screen.

Options to Compare

Comparison is another basis where online home loans stand ahead of the offline medium. It is always recommended to compare home loan offerings by different banks or financial institutions before making the final decision.

When you choose an offline method, you have to personally visit the Branch and follow an arduous process multiple times to get the desired information. Not to forget the hassle of traveling to the bank that is not close to your office or home.

On the other hand, there are many online comparison sites that are dedicated to accomplishing this process for you. These websites compare different factors such as pre-payment charges, interest rates, processing fees, etc. of multiple banks/NBFC. When such relevant information is available to you in one place, it allows you to make a well-informed decision.  From the above information, it is evident that the online way of applying for loans is more efficient.  But similar to offline mediums, do not fall for the marketing pitches, instead, thoroughly understand what the banks or lenders have to offer.

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