Tuesday, May 17, 2022
  • About us
  • Contributor guidelines
  • Contact
  • Privacy Policy
News & Knowledge
  • Home
  • News
  • Health
  • Business
  • Education
  • Lifestyle
  • Technology
  • Others
    • Finance
    • Culture
    • Opinion
    • Politics
    • Law
    • Real Estate
    • Sports
    • Travel
  • Login
  • Register
No Result
View All Result
News & Knowledge
Home Finance

Important Points to get your Housing Loan Approved Faster

Rameshkumar01 by Rameshkumar01
July 1, 2021
in Finance
0
housing loans
0
SHARES
60
VIEWS
Share on FacebookShare on Twitter

Since the third quarter of FY2020, the real estate market has witnessed a steady revival with its residential sales. Moreover, Budget 2021 announced an extension of interest deduction on India’s housing loans for the next year has further boosted property demand. 

To finance the purchase of a house, more individuals are availing of external credits by way of housing loans. Nonetheless, it is to be remembered that when it comes to loan applications, there are few things to consider for hassle-free approval.

A little homework at the beginning can resolve the issues of approval regarding housing loans in India. Following are some of the key points essential for prompt and hassle-free approval.

Important points to consider for faster loan approval 

Before applying for home loans, make sure you take a look at these factors that can help you to plan your next steps – 

1) Compare lenders 

It is crucial for borrowers to stay well-informed about the lenders’ set home loan eligibility criteria before applying for a home loan. Home loan lenders usually lay down standard eligibility requirements. But there may be incidents where lenders set some unique criteria. Regardless of the set parameters, borrowers must meet them to eliminate the chances of rejection.

To avoid complications, borrowers need to look for suitable lenders that provide lenient criteria. 

2) Maintain a decent credit score 

One of the easiest ways to qualify for a home loan is to maintain a high credit score. A borrower’s credit score acts as evidence of his/her creditworthiness, and a score above 750 indicates that an individual has been consistent with past repayments.

Generally, with a good credit score and stable income, one can easily get his/her loan approved without delay. Some reputed financial lenders extend special offers on home loan interest rates and flexible repayment terms to applicants with a high credit score. This is an additional motivation to build one’s credit score and then apply for a home loan.

3) Check the documents required beforehand 

With the application of a home loan, financial lenders follow strict protocols while verifying the documents required for a home loan. Any discrepancies or inaccuracies in the documents can result in loan rejection. Thus, it is essential to look through lender-specific requirements at the very outset. 

Following is a list of documents required to apply for a home loan for the borrower’s convenience and better understanding.

  • Identification proof
  • Driving license 
  • PAN card
  • Residence proof
  • Age proof
  • Birth certificate
  • Income documents (inclusive of 6 months bank statement)
  • ITR for the last 3 years, etc.

4) Include co-applicant

While applying for a loan, the co-applicant acts as an equal partner. By including a co-applicant, the chances of loan approval get higher if the applicant earns a sizeable income. This factor ensures lenders that a borrower can repay a loan on time even if his/her sole income does not qualify the eligibility parameters.

5) Make a substantial down payment 

The easiest way to accumulate funds for a down payment is to take stock of the savings. A borrower needs to frame a budget, monitor monthly spending, and make an effort to curtail unnecessary expenses. This way, one can gather funds and make a substantial down payment to increase the chances of approval of a housing loan in India.

Apart from these factors, look for pre-approved offers extended by reputed financial institutions to their existing borrowers.

These offers allow individuals to avoid the hassle of application and documentation, as their essential documents are already submitted to the financial institutions. Prospective borrowers can quickly check their pre-approved offer by submitting the necessary credentials.

With these factors into consideration, individuals can proceed to make an application for a housing loan in India and enjoy swift approval.

Tags: Age proofBirth certificatehome loan interest rateshousing loanloan approvalPAN cardResidence proof
Previous Post

Why Is Digital Marketing Important For New Websites?

Next Post

Tips to Select the Best Smart Watch Review in 2021

Next Post
SmartWatch

Tips to Select the Best Smart Watch Review in 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Leadership

How Leader Gives a Positive Impact on Business Goodwill

1 year ago
refurbished ipads uk

Factors to Keep in Mind While Buying Refurbished IPads Uk

1 year ago
Benefits of Home Decor

Logan Puller Talks About Benefits of Home Decor

9 months ago
real estate

Experience of a Realtor can Help Anyone Finding the Real Estate Property Right for them

1 year ago

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Education
  • Finance
  • Health
  • Law
  • Lifestyle
  • News
  • Opinion
  • Real Estate
  • Sports
  • Technology
  • Travel
  • Uncategorized
ads

BROWSE BY TOPICS

bath design denver bathroom cabinets denver bathroom design denver bathroom remodel denver business cheap laptops cheap sofas Cleaning Cleaning Services concrete mix cost custom boxes custom cabinets denver denver bathroom design denver bathroom remodelers designs development digital marketing education furniture stores richmond bc health home decor home loan ideas interior design investment kitchen remodelers denver co knowledge marketing mix concrete money packaging piano removals near me Professional Cleaning Services real estate refurbished laptops uk richmond furniture stores seo Social Media Marketing storage beds storage facility styles technology travel used laptops

footer-logo

Welcome to NEWS-KNOL. Home for education, culture, politics, lifestyle, politics, technology, media, fashion, entertainment, and many more. We are focused on every niche that contributes to the growth of people and our community.

Follow us on social media:

Recent News

  • Professional Cleaning Services in El Paso: 7 Office Cleaning Tips to Make Your Workplace Shine
  • Things to consider before starting your own business
  • How to buy paintings online to decorate your home?

Category

  • Business
  • Culture
  • Education
  • Finance
  • Health
  • Law
  • Lifestyle
  • News
  • Opinion
  • Real Estate
  • Sports
  • Technology
  • Travel
  • Uncategorized

Recent News

Professional Cleaning Services in El Paso

Professional Cleaning Services in El Paso: 7 Office Cleaning Tips to Make Your Workplace Shine

April 28, 2022
starting your own business

Things to consider before starting your own business

April 28, 2022
  • About us
  • Contributor guidelines
  • Contact
  • Privacy Policy

© Copyright 2022 -News Knol. All rights reserved.

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© Copyright 2022 -News Knol. All rights reserved.

Member Login

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the Form below to Register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In