Housing loan in the financial year 2018 grew by 16% as compared to the previous year when it grew at a rate of 9.5% according to a report. The report further states that up until March 2018, the overall housing credit grew 39%.
A few decades back, prospective borrowers did not have any simple process to check the live status of their loan application. Nonetheless, with the advancement in technology, consumers can check the status of their loan application instantly through the various possible approaches.
Ways to Check Home Loan Application Status
Individuals after home loan online apply can check the status of their credit application to determine if they have been approved for a loan or not. The status can be checked in several ways –
- Loan applicants need to browse to the official website of the financial company where they have applied for a home loan and go to the section for tracking online application.
- Individuals should enter their loan ID, registered mobile number, or application ID as asked in the application form and tap on ‘submit’. It is to note that loan ID or application ID is provided to the customer while applying for a housing loan.
- Once the details submitted are processed, individuals will be able to check the status of their credit application, whether approved or not.
2. Via email
There can be plenty of important reasons why lenders may reject one’s home loan application, and hence one needs to check the application status of their applied loan. Some financial companies let users acquire information about this loan status via email. Individuals need to mail their query to the official email address and can expect to get a reply declaring the loan application status.
Several offline methods are offered to customers so that they can check their loan application status. Financial institutions provide customers with opportunities to track status by calling a number or by sending an SMS. Moreover, individuals may visit the nearest branch of the financial company to make enquiries about the same.
Financial companies ease customer experience by providing them with multiple options to track their status of home loan application form. With several options to track status, individuals can choose the preferred method according to convenience.
Subsequently, individuals seeking home loan offers and applying for it needs to make sure of a few things so that they can improve their loan experience and make a beneficial change to their home loan repayment.
Also, individuals that opt for a home loan should first evaluate the EMI to be paid as part of the loan repayment by using an EMI calculator. Once calculated, they can apply for a loan which is financially feasible for them.