Buying a home can be one of the most energizing and stressful things at the same time. Beyond the challenge of finding the right home in the right neighborhood, you might be grappling with some financial questions – such as, how to get faster approval on a home loan or what are the steps in the home loan approval process
Yes, we all know that with a little homework at the outset, most of these issues can be resolved.
Here, in this article, we have de-perplexed the procedures and sketched out the key points that are required for faster approval of a home loan
Take a look at these tips to get your Home Loan approved instantly:
1. Know Your Financial Condition
Knowing your repayment capacity is extremely crucial for validating your loan application. Therefore, it is essential to take a closer look at your finances, whether you can pay back the loan comfortably. One of the main requirements of availing a Home Loan is to clear your EMIs on time.
2. Check Your Credit Score
Credit Score is one of the most crucial factors when it comes to getting a loan approved faster. If you are concerned about your score, you can always take steps to boost your score by paying your bills on time, and by keeping your credit card balances low. With us, it is essential to make your score as high as possible before applying.
3. Gather Funds For A Down Payment
The simplest way of gathering funds for your down payment is to build a corpus from your savings. Start a budget, monitor your monthly spending, and make a concerted effort towards reducing your impulse purchase and unnecessary expenditure. Many people who have not planned well for the down payment often end up becoming bad borrowers or exhausting all their savings.
4. Know Your Loan Eligibility Beforehand
There are specific criteria or factors which need to be taken care of before your loan application is approved. Thus, it is highly recommended to check your credit report beforehand to avoid any mistake or discrepancy before you apply. You can also contact us if the error arises from a credit or you can check our loan eligibility calculator for a smooth home buying experience.
5. Know The Loan Basics
Ensure that you have all the supporting documents such that your loan is sanctioned. Keep in mind that the approval of home loans can be lengthy. So, it would be best if you were patient and systematic in rounding out the application process of home loans. Always remember doing your homework beforehand will help you to keep away from undue postponements.
6. Utilize the Co-applicant Feature
While applying for a loan, the co-applicant is someone who acts as an equal partner. You can also get your parent or spouse to be a co-applicant because with a co-applicant there are significantly higher chances of getting your application approved faster, especially if your co-applicant is also earning a sizable income. Remember that all property owners need to be co-applicants, but not all co-applicants need to be property owners.
This lets the lender know that you are quite capable of paying their loan back in time, even if your income alone does not qualify you as an eligible borrower.
7. Pay Attention to the Application Form and documents
While planning to take a home loan, it is imperative to be aware of the documents that are required for the application. Be extremely careful while filling up the form. Make sure that there are no hidden clauses that could catch you off-guard later. Avoid making mistakes with your account numbers and salary details
While applying for a Home Loan with Shubham, you need to submit the following necessary documents:
1. Application form with all required details filled in
2. Identity proof such as Pan Card, Voters ID Card, Passport
3. Address proof such as electricity bill, ration card
4. Income proof documents, if available
5. Bank statement
During the home loan application process, you must disclose all the information relevant to your application. Be sure about the details you are submitting to avoid a Home Loan rejection.
So, what are you waiting for? Just visit our nearest branch to get any financial he