From 19.8 percent in 2013 to 21.4 per cent in 2016, India's credit bureau coverage has increased moderately. In 2019, however, there was a massive 63.1 percent gain. Financial organisations are changing their services online to promote speedier fund disbursement as more people become acclimated to digital operations. Following a few simple procedures, one may now apply for financial items such as a home loan online. Borrowing operations have become more convenient as a result of the ability to track application status in real-time. Borrowers can avoid large lines at branches when obtaining house loans this way. Individuals both salaried and self-employed can apply for these loans online in exchange for low home loan interest rates. The actions they would need to take to apply for these loans are as follows:

• To begin, fill in the appropriate sections with financial, personal, and employment information.

• Individuals can use the housing loan eligibility calculator to figure out how much they can borrow. Individuals can also use a house loan EMI calculator to calculate the monthly instalment amount they must pay and the overall amount due in terms of interest and principal.

• Applicants must upload information about the Property they are interested in.

• The following step will be to pay fees and submit papers using a secure online gateway.

• Lenders will only ask for scanned copies of crucial documents during the application process to verify an individual's eligibility.

There are various benefits of applying for an online home loan in India, some of which are as follows:

• Swift processing

• Perks and benefits

• Availability

• Lender comparison

• Less documentation

In addition, lenders have been motivated to create online resources such as home loans and eligibility calculators due to this paradigm change. Applicants can use this to calculate their housing loan EMI before apply for home loan, check their eligibility, and choose a convenient package. There are various trusted Indian companies offering home loans. They offer affordable home loans at an interest rate of 6.75% per annum, for a tenure that may extend up to 15-20 years. The loans get cleared within 72 hours of applying, considering all the documents submitted by the applicant are valid, and the borrower is legally qualified to obtain the loan.

Housing Finance Companies also provide the property loan refinancing facility at a low-interest rate. Therefore, an eligible beneficiary thinking of getting property loan refinancing should explore various options and opt for the company that offers the facility at low price.