How To Check Your Home Loan Status Online?

Everyone dreams of owning a home, and with the availability of home loans, this dream is within reach for many. However, it's crucial to stay informed about your home loan status to make sound financial decisions. By checking your status online, you can access real-time information, obtain the lowest home loan interest rate and plan your finances effectively. 

In this article, we will guide you through the process of how to check home loan status online and empower you to take control of your loan journey.

How to check home loan status online?

Checking your home loan application status is a simple way to keep track of the progress of your loan application and stay updated on important details such as disbursal dates, outstanding balances, and EMI payments. Here is the step-by-step guide on how to check home loan status:

• Visit the bank's or lender's website: Every bank or lender provides an online portal where you can conveniently check your house loan status. Look for the "Home Loan" or "Loan Status" section on their website.
• Provide relevant details: To access your home loan status, you will need to provide specific information such as applicant name, reference number, date of birth, mobile number, or PAN number. 
• Mobile number and date of birth tracking: Many banks and lenders, including NBFCs, use mobile numbers as a unique identifier for tracking the application process. Some may also require your date of birth along with the reference number for additional verification.
• Reference number tracking: If you have been assigned a reference number during the application process, it can serve as an alternative identifier for tracking your home loan status.
• Net banking: If you are an existing customer, you can log in to your net banking portal and navigate to the "Loans" section to check your house loan status.

Benefits of checking your home loan status online

Checking your home loan status online offers several benefits that enhance your overall loan experience:

• Real-time updates: By checking your home loan status online, you can access real-time information on your home loan application status, ensuring that you stay updated every step of the way. 
• Convenience: Checking your home loan status online eliminates the need for phone calls or branch visits. You can access all the necessary information with just a few clicks from your home. 
• Transparency: Online tracking provides transparency, allowing you to monitor the loan process and ensure that everything is moving forward as expected.
• Financial planning: Knowing how to check home loan status enables better financial planning. By staying informed about outstanding balances, EMIs, and disbursal dates, you can manage your finances effectively and avoid any potential delays or discrepancies. 

Calculating your EMI using a home loan interest calculator

Once you have checked your house loan status online, it is essential to understand how much Equated Monthly Instalment (EMI) you will be paying. The EMI includes both the principal amount and interest payable on the loan. By using a home loan interest calculator, you can estimate your monthly payments based on different interest rates and tenures.

Let's consider an example:

Suppose you take a home loan for ₹60 lakhs at an interest rate of 8.50% for 20 years. 

Using a home loan interest calculator, we find that the EMI would be approximately ₹52,069 per month.

By calculating your EMI in advance, you can plan your finances better and manage these monthly payments without any stress, ensuring you get the lowest home loan interest rate available. 

Conclusion

By now, you must have learned how to check your home loan status online. You can maintain control over your financial journey by staying informed about the progress of your loan application, calculating your EMIs using a home loan interest calculator, and making informed repayment decisions. 

Remember, Mahindra Finance is dedicated to empowering individuals like you with comprehensive financial solutions tailored to meet diverse needs. When it comes to checking your home loan application status online, our user-friendly interface ensures quick access to information, enabling you to stay updated effortlessly.

FAQs

1) How to check home loan status online?

You can check your home loan status online by visiting the bank/lender's website or logging in to their net banking portal. Provide the required details such as your name, reference number, date of birth, mobile number, or PAN number to retrieve your current status.

2) What should I do if my home loan application is approved/rejected?

If your home loan application is approved, you will receive a letter, email, or SMS notification from the bank/ lender. In case of rejection, the bank/lender will provide reasons for the decision. 

3) How can I find the lowest home loan interest rate?

Research multiple lenders (including NBFCs), use online comparison tools, check with local cooperative banks, and negotiate with your chosen lender to find the lowest home loan interest rate that suits your needs.

4) Can I use a home loan interest calculator to analyse different scenarios?

Yes, a home loan interest calculator helps you understand the financial implications of different interest rates and tenures. It allows you to calculate your Equated Monthly Instalment (EMI) and analyse different scenarios to make informed decisions.