You will soon be able to track the status of your loan applications online. Recently, Finance Minister Nirmala Sitharaman announced the launch of online loan application tracking feature by clients in retail, MSME, housing, vehicles, working capital, limit enhancements, renewals, etc.
While some lending institutions already have a loan application tracking feature on their websites, the service is limited to a few specific types of loan applications. For example, HDFC Bank Ltd offers the online facility to track the status of personal, business, car, two-wheeler, and home loan applications, among others. Similarly, the State Bank of India offers online tracking of retail and agricultural loan applications.
When you apply for a home loan, the application goes through different stages.
You must first submit your identity, address and proof of income, among other documents, along with the application form to help the lender assess your creditworthiness or the loan amount they can grant you. Home loan eligibility may vary depending on your credit history, income level, debts, age, etc.
In the next step, the lender evaluates the property documents such as the title deed, land use, building plan, layout and map. The lender also performs a physical inspection of the property simultaneously. Once the lender is satisfied, he assesses the value of the property, based on which the final loan amount is decided.
As a general rule, it takes about 15 days to complete the checks and process a mortgage application.
Sometimes it can even take more than a month or two, depending on the availability of documents. Given the complexity and lengthy process required before a home loan is sanctioned, tracking its status can help you save time and plan your next action accordingly.
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