Get a Quick Approval for Home Loan
Are you planning to apply for a home loan? If yes, you should understand that fetching a home loan is a unique process and it is a big loan when compared to other types of loans like a personal loan and car loan. The lenders look at credit score and income capability of the person while sanctioning the loan. It is obvious for you to face many obstacles before you start repaying the big loan of life with easy EMIs. Know the problems that you encounter while applying for a home loan and handle them effectively to get your loan approved in a record time.
Are you eligible?
Before you start a workout for fetching the home loan, you should know if you are eligible to apply for the loan with the bank that you have chosen. However, you should have good credit score and repayment capability to repay the loan. As the lenders consider this information before applying for the loan, have a check on this before reaching them with the housing loan application. You must bear a processing fee with every loan application that you submit to the lender and this is not refundable. Facing rejection from the lender due to these reasons will detain your credit score further. Reach comparison sites like logintoloans.com to compare and approach the right lender through which you are eligible for home loan.
Housing finance is one of the biggest loan availed by the people in the Indian community. When you apply for the home loan, most of the people keep ready with the documents like credit report income proof and identity proof and the sale deed. Most important documents like NOC for purchasing property, other deeds that are required by the lender to close the deal faster are ignored. Before apply for the housing loan with the lender, discuss all the documents required by the lender and have them in place to ensure you furnish them as per lender’s request for the faster loan approval.
Most of the banks fund 70-80% of property value as loan and rest must be adjusted by you and this is called down payment. Make sure you have accumulated a good deal of money towards the down payment before you apply for the home loan. Higher the down payment, higher will be the chances of home loan approval. How much should you afford towards down payment? It should be 20% of the asset value. Once you finalise the property, you should get it evaluated by the third party and ensure that you have right amount of down payment.
How to fetch right loan amount?
The amount of loan sanctioned by the lender is at their discretion subject to your credit score, income and repayment capability. If there is shortfall in any of these requirements, the lender may either reject your loan application or sanction the loan amount less than your expectation. You will stand responsible to adjust the shortfall amount. To increase the amount that can be sanctioned by the lender, you can add the spouse, pledge any other asset or take a gold loan and close the deal faster.