A customer who plans to take a loan to buy a house submits the duly filled-in home loan application form. The lender then processes the same and intimates the customer to present a series of documents for verification.
You have been looking for your dream home, and you finally came across one. But you are sceptical about your home loan rejection as it might mess up the whole plan.
What if we tell you that instant approval of a home loan is possible with a few simple steps? So here are a few tips to get instant approval on home loans.
How To Get Instant Approval on Home Loan?
Understand Your Loan Eligibility Criteria
Apply for home loans only with a lender where you meet the home loan eligibility criteria. The eligibility criteria differ according to lenders. Hence it is imperative to compare the market and choose a lender where you meet the loan eligibility and the loan amount eligibility. Meeting these two factors decide upon the chances of your loan approval. If you meet lenders eligibility criteria, they will sanction the loans quickly.
Build A Good Credit Score
Check for your credit scores before applying for a home loan. The higher your credit scores are, the better are the chances that your application gets accepted. Credit scores tell the lender about your financial habits like investments, debt repayment, existing debts, etc. this will help them decide on your credibility, doctor. If your credit scores are above 700, then your chances of loan approval are high. If your credit scores are low, closing off existing debts, monitoring your credit card habits and paying loans on time will drastically improve scores and chances of loan approval. You can also verify any errors or discrepancies in your credit report before applying for a home loan.
Clear Your Existing Debts
Existing debts makes your lender think twice. Not all can manage multiple debts and timely repayments. Hence it is imperative to close off small debts before applying for a home loan.
Apply For A Loan Amount You Are Eligible
Check for your maximum home loan eligibility using a housing loan calculator. Understanding your qualifying loan amount will help you plan your home finance accordingly. Applying for that amount to which you are eligible will help in speedy loan sanctions.
You can calculate corresponding interest rates using a housing loan interest calculator. Understand the interest rates you will be charged and choose the lender accordingly.
Apply For A Loan Through Your Lender’s Online Portal
Online Home loans app are a boon for people who want personal loans instantly. Applying for housing loans through these sites is a matter of three to four steps, and the process is pretty simple. . You will have to upload the documents required as well as your information and wait for the lender’s representatives to get back to you. Most lenders grant home loans within 72* hours after successful verification. property appraisal and loan approval.
Apply For A Longer Tenure
Home loans with longer tenure have higher chances of approval. The longer the tenure, the more your EMI is reduced. Hence It will assure the lender that the payments will be timely as it does not add pressure to the borrower’s monthly finances. You can reduce the loan tenure by making prepayments when you get extra income at any point in the future.
Add a Co-Applicant
Clubbing a co-applicant can help you increase the chances of loan approval swiftly. Your co-applicant can be your parents, spouse or siblings. The lender will check for combined eligibility and sanction for a higher sum accordingly. Additionally, having a co-applicant will assure the lender that you will repay the loan.
Conclusion
Follow these tips to obtain quick home loans. Compare multiple offers and finalize a lender after ample market research. It is also imperative to understand why your loan application may be rejected to work towards instant approval. Furnish the documents clearly and keep all the documents intact to avoid home loan rejection. Use an eligibility calculator and a home loan EMI calculator to understand your eligibility criteria before applying for a loan. Avoid applying for loans with multiple lenders simultaneously as it will lower your CIBIL scores which will lead to a loan rejection.
