With everything going digital, it’s no surprise that getting a housing finance loan is now easier than ever. A good loan app in India will ensure that your home-buying journey is smooth. However, there are several features that an ideal home loan app should consist of when one is seeking housing finance. This blog will address five essential features that make a great housing finance app stand out from the rest.
Table of Contents
1. User-Friendly Interface
The first thing you’ll need to look at when you open a loan app in India is its user interface. A great house loan app should be simple and easy to navigate even if you’re not tech-savvy. One should look into factors like:
- Clear Design: The app should be designed in a way that there is no clutter. You should be able to find anything that you are looking for easily and quickly.
- Simple Navigation: The flow of the sections should be logical and shouldn’t feel disconnected or lost.
- Readable Text: The font should be readable effortlessly and the colour scheme should not be harsh on your eyes.
- Quick Load Times: No one wants a housing finance app which keeps you waiting. Therefore, look for an app that loads quickly.
2. Loan Calculator and Eligibility Checker
One of the handiest features of any good home loan app in India is an inbuilt loan calculator. It’s the tool that helps you work out how much you can borrow and what your repayments could look like. Here’s why it’s important:
- Instant Calculations: You can see with a few taps how different loan amounts, interest rates or repayment terms affect what you’ll need to repay each month.
- Eligibility Check: The best loan app in India will tell you whether you’re eligible for a loan or not. To do so, it will ask you to provide some basic information such as your income, employment, age etc.
- Customisation: You should be able to play with variables like the down payment amount or tenure of your loan and see how it affects your EMI.
- Saving Options: Find an app that lets you save your work. That way you can easily compare different scenarios.
3. Document Upload and Verification
Traditionally, applying for a loan involves doing a lot of paperwork. However, today’s excellent home loan apps make uploading your documents easy. With a simple document upload process, you can get through the mortgage process easily and quickly. Here’s what you should look for in an efficient document upload feature:
- Easy Upload: An ideal app will let you upload documents with your phone’s camera, or from your device’s files.
- Document Checklist: A great app will give you a list of these documents so you know which ones to upload.
- Secure Storage: Make sure you consider an app that allows your personal and financial information to be stored safely with strong encryption.
- Status Tracking: A good app will show you which documents have been uploaded, and verified, and all the live status of your documents.
4. Real-Time Application Tracking
After submission of the loan application, you enter into the quiet period when you wait to know about the status of the application. However, with a great loan app in India, you shouldn’t be left to wonder about the status of your application. Here’s what real-time tracking looks like:
- Push Notifications: A good app will notify you about important updates or any actions you need to take.
- Detailed State Overviews: You’ll be able to see exactly where you are in the application process from the review to the final approval.
- Expected Timelines: A helpful app will give you an idea of what to expect in terms of time frames for each step.
5. Customer Support and Resources
Even with a really great app, you may sometimes want a bit more help. And strong customer support will ensure you’re never alone on your home-buying journey. That’s why strong customer support is a necessary feature for any home loan app. Here’s what to focus on:
- In-App Chat: The best apps offer live chat support right within the app. You can get fast answers to your questions without needing to call anyone.
- FAQs and Guides: Make sure the app has helpful resources like FAQs, loan guides, and explanations of important terms.
- Video Tutorials: To get a complete understanding of home loan apps, there are video tutorials included that explain how to use the app or introduce you to different loan options.
- Contact Options: Even though on-app support is helpful, the app should also have other methods of contact for customer service, like phone numbers, email addresses, etc.
- Feedback System: A good app will want to hear your feedback and have an easy way for you to provide that, or report any issues.
Conclusion
A great home loan app can make your dream of homeownership much easier. By combining user-friendly design, easy document management, and excellent customer support, these apps take the stress out of getting a home loan. When looking for the ideal home loan app, consider it as an ideal partner to accompany you in the loan process – not as complex software to figure out. Some of the popular finance apps in India include those by Aditya Birla Housing Finance, Tata Capital Finance Ltd, and Bajaj Finserv. When you decide you’re finally ready to purchase a home, be sure to find a finance partner that meets all of these goals. With the right app for your housing finance requirements, you can get positive output in the loan process.
