Loan Applications - Why are they forms?

[broken1]

Applying for a home loan it shocks me to find the forms are all still paper (FNB/OOBA). Some poor consultant then has to capture the whole thing into a computer presumably so the process can continue?

Car finance has evolved; my last car loan was with Wesbank. Online application, immediate approval in principal and then online contract.

I also can't fathom why it takes them 5 days + to come back with an approval in principal

Anyone care to shed some insight into the process?

 

[Foxhound5366]

Yeah, I don't get it either broken1 ... last time I enquired about a home loan I was told they couldn't even give me an affordability assessment (Standard Bank as I recall). I was told the only way to find out what sort of rate I'd qualify for would be to actually apply for a loan.

Considering everything that goes into sourcing a suitable house and applying for a loan, that's not exactly the lowest barrier-to-entry I've ever heard about. I get that banks need to be responsible lenders, but do they need to make it quite as difficult?

I'm with FNB, and they also don't seem to be terribly supportive in assisting first-time buyers, which is a terrible waste.

 

[xcpointx]

www.nedbank.co.za

Entire homeloan application process online. Approved in 24 hours. never had to call or speak to anyone.

 

[Other Pineapple Smurf]

The amount of paper work to buy a house is insane so get over it. Took me 5 minutes to fill in my OOBA paperwork so what is the issue.