Buying a new home is an exciting milestone most individuals aspire to. However, buying a home of one’s dream is no easy task and often, most of us choose to opt for a home loan to fulfil this dream. So, a question that is often ask is: how to get a home loan easily? The answer is: plan well in advance.
From researching on how to make a home loan application online to getting all documents in place and assessing home loan eligibility criteria, one must ensure that everything is in place before they begin with the process of applying. With proper planning and a good lender, a housing loan in India can get approve in a matter of days. Keeping in mind the tips below can guarantee quick and easy approval for a housing loan in India.
- Choose a Lender Who Sets Lenient Home Loan Criteria
An applicant must be well informed of lender-specific home loan criteria before they apply for a housing loan in India. Housing loan lenders typically have some standardized requirements. However, there may be a few cases where lenders set a couple of unique home loan criteria. Regardless of what these are, you are expected to satisfy them. Failing to meet these unique home loan criteria could result in unfavourable home loan terms or even complete rejection.
To avoid unnecessary complications that may lead to delays, borrowers must look for a lender with lenient home loan criteria. This way, they won’t have to encounter additional problems. Besides, they will most likely not be ask to submit a list of documents to prove their home loan eligibility. One must remember that if their goal is faster home loan approval, they must scout for lenders who are known for offering swift loan processing.
- Gather Required Documentation Beforehand
With home loan applications, lenders follow protocols strictly, especially when assessing one’s home loan eligibility based on documents submitted. Any inaccuracy or discrepancy can lead to delays or rejection of a housing loan in India. So, it is imperative to check lender-specific requirements beforehand.
While some lenders require documents relate to income, employment, and property, others may ask for a long list, and arranging for these documents may get difficult if you are not well-plan. As such, it is best to gather all documents in advance. A common problem area for most applicants is the property documents, and it speeds up the application process if one gets start on arranging these documents before time.
- Apply with a Credit Score of 750+
One of the easiest ways to get approval for a housing loan in India is to maintain a consistently high credit score. The score is a testament to one’s creditworthiness. If the credit score is 750 or above, it indicates that one is consistent with repayments. This is one of the qualities lenders look out for. With a good credit score, a lender feels more confident about sanctioning a housing loan in India.
With a high credit score and a stable income, one can easily breeze through a home loan application with zero or minimal delays. Some lenders even offer special deals like a lower housing loan interest rate or budget-friendly repayment terms. This is an additional incentive to enhance one’s credit scores and apply when one has maintained a fantastic credit score.
- Respond to Lenders’ Requests as Soon as You Can
This tip is applicable once an individual has applied for a housing loan in India. However, it is as essential as the rest. Lenders often come up with additional requests after one has submitted the home loan application. Some require additional documentation or further clarity on the information provided. Whenever such requests come through, an applicant must respond as soon as they can. Delaying replies stalls home loan processing and can even make one miss out on their dream home.
Following the above-mention tips and having a plan chalk out can go a long way in helping one get a home loan approval faster. To plan more efficiently, one can try using the home loan calculator. It is a smart tool that can help one choose a tenor that permits optimal EMI outgo and approach a lender as an informed applicant.
The Final Word
With several different lenders operating in the market, one can easily apply and qualify for a housing loan in India. All thanks to the minimal documentation and simple home loan eligibility requirements, getting a home loan approve is no big task these days. However, applicants are advised to use the home loan EMI calculator to get an idea of the monthly EMI for a chosen tenor and loan amount. To avail of exciting features like competitive home loan interest rates and home loan balance transfer without hassle, apply online at the earliest.