Aspirations
Applying for a Home Loan? Here’s what I learnt (and you should too)
Home Loan: Know the process for better financial management.
Key insights
The actual process of Home Loans involves proper paperwork and processing.
The first EMI is a reality check - financial discipline becomes non-negotiable.
Home Loans offer a sense of pride, stability, and a long-term asset.
Hello and welcome to my episode #1 of Day dreams. Today, we discuss real-life Gen Z dilemmas on what qualifies us to become an adult.
Recently, I came across a post, ‘Housing Loans up to ₹15 crores*’. Now, curious me believed, "Wow, so easy! I’ll just apply for a loan when I’m ready to buy a house!”
Because once upon a time, I believed that a Home Loan process was as simple as ordering furniture online: click, pay, done.
But no one taught me the correct way to apply for a Home Loan. Here’s what I knew and what I wish someone told me earlier.
It all started with a dream
Like most of my friends, I too started my Home Loan process not with a bank, but with a mood board.
- A cosy nook? Obviously.
- A balcony with dreamy lights, and plants I’ll forget to water? Yes.
- Scandinavian kitchen with cheese platters and mood lighting? Manifesting it.
Then came the reality check. I opened my banking app, laughed and cried at the same time.
I gradually descended into the world of financial paperwork, emotionally overwhelming moments, and online searches like “Home Loan terms and conditions.”
"Pre-approved" doesn’t mean approved - Make sure you have the right documents
Now here’s what I thought: those messages that say, “You’ve been pre-approved for a loan of ₹1 crore!”?
Yeah, don’t believe that it will just magically happen. Getting approved or pre-approved for a Home Loan is a major milestone, but you should know the documentation involved during the Home Loan process as well.
It is mandatory for all loan applicants to submit proper documentation to verify their loan eligibility; and all this is done to make sure that the loan disbursement is being processed for a genuine reason.
While the Home Loan process and documentation may seem long at the moment, it is actually worthwhile when you submit correct paperwork and finally get approved for the loan amount.
Trust me, it’s worth the wait.
Home Loan process: Mental preparedness is key
One moment, I was over the moon. I was becoming a homeowner! Next, I read the Home Loan terms and conditions.
Look, I'm not saying you should be the best at loan applications (this is not a school examination after all). What I should have done is to be mentally prepared and do the simplest thing - ask questions.
Applying for a Home Loan for the first time can seem nerve-wracking but being resourceful and curious helps. Once I calmed down, I did a simple online search, sat with some senior family members for guidance, and connected with my loan officer to explain the terms and conditions.
That’s all.
I signed on that dotted line with a clear mind and a determined heart.
The EMI reality check
The Home Loan process and reading the Home Loan terms and conditions was not the hardest part of my journey, it was the lack of preparedness on my part for the EMIs.
Nothing hurts more than watching an EMI disappear from your account while you’re still waiting for your groceries to be delivered.
However, once the initial shock subsided, I realised that this actually led me to become more financially responsible.
In the end… It’s worth it
Jokes aside, once the chaos settled, something very unusual happened: I started feeling weirdly comfortable.
Yes, I couldn’t live weekend to weekend anymore, but I became someone new - that person who tracks electricity usage. But I also:
- Built a real asset for myself. Goals, right?
- Took budgeting seriously. A healthy habit.
- Learned about the Home Loan process.
- And most importantly, I had a space that was mine. No more rent!
Being a homeowner comes with its share of short-term stress. But it also comes with pride, long-term security, and the right to say “get off my property” in a totally non-aggressive way.
So, should you get a Home Loan?
If you’re thinking about the complications of the Home Loan process, here’s a tip: do your homework. Read the fine print. Ask dumb questions (they’re not dumb).
Understand the real cost - not just the monthly EMI, the hidden fees too.
And above all, get professional financial help if you need it to make the Home Loan process easier.
Disclaimer: This article is intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.
By Axis Bank Learning Hub Team
