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4 Tips to Get Your Home Loan Approved Faster

The most effective hack to get your home loan approved is to plan and prepare well in time

April 12, 2021 / 10:53 AM IST

Anxious to get your home loan approved at the earliest? You’re not the only one. Buying a house is an exciting milestone everyone looks forward to. Whether you’re keen on getting started on the interiors or maybe just eager to call that dream home yours, you want to close the deal as soon as possible. The most effective hack to get your home loan approved is to plan and prepare well in time. Be it arranging your finances, getting the documentation in place, or assessing other eligibility criteria, make sure everything is in place before you apply. With the right planning and of course, a good lender, your home loan can be approved in a matter of days.

Keep the four tips below in mind to enjoy quick and easy home loan approval.

1. Pick a lender with lenient home loan eligibility terms

It is important that you are well informed of all the lender-specific home loan eligibility criteria before you apply. Home loan lenders usually have standardised requirements, but there may be cases where lenders have one or two unique criteria. Regardless of what they are, you are required to meet them, and failing to do so could likely result in rejection or unfavourable loan terms.

To avoid complications and delays, scout for a lender that has lenient criteria. This way, you don’t face additional problems when qualifying and you aren’t required to submit a long list of documents to prove your eligibility. Remember, when the goal is to enjoy fast loan approval, scout for lenders that offer swift loan processing as a feature.

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2. Gather the required documentation beforehand

With home loan applications, lenders will follow all protocols strictly, especially when assessing your eligibility based on the documentation you submit. Any discrepancies or inaccuracies can result in delays or outright rejection. Thus, it is important to check the lender-specific requirement beforehand.

While some lenders only require basic documentation for your personal, income, employment, and property information, others could ask for a long list of documents, not all of which may be readily available when you apply. As such, it is important that you check which documents are required and gather all of them in advance. Property documents are a common problem area, and it greatly speeds up the process to get started on getting these documents well in time.

To make things easier, here is a general list of documents needed to apply for a home loan.

  • ● Proof of identification

  • o Driver’s license

  • o PAN card

  • o Passport

  • o Voter’s ID

  • ● Proof of residence

  • o Ration card

  • o Voter’s ID

  • o Utility bills

  • o Passport

  • ● Proof of age

  • o Birth certificate

  • o Passport

  • o Driver’s license

  • ● Property documents

  • o NOC from the builder/society

  • o Registered sale deed

  • o Land tax receipt, wherever applicable

  • o Possession / Occupancy certificate

  • o Property tax receipts, wherever applicable

  • ● Income documents

  • o Payslips, for salaried

  • o 6-month bank statement, where salary is getting credited

  • o Balance sheet and profit and loss statements, for self-employed

  • o Proof of business address and registration of the certificate of establishment, for self-employed

  • o ITR for the past 3 years

3. Apply with a credit score of 750 or higher

Among the easiest ways to qualify for a home loan is to have an excellent credit score. Your score is a testament to your creditworthiness, and a score of 750 or higher indicates that you have experience with credit and are consistent with repayment. These are good qualities as a borrower, with which lenders are more confident to sanction a loan, provided there are no issues in your financial profile.

Generally, with a stable income and a high credit score, you can breeze through an application with minimal delays. In fact, some lenders may even offer a special deal that could include a lower home loan interest rate or more budget-friendly repayment terms. This is an additional incentive to build your credit score and apply only when you’ve maintained an excellent score.

4. Respond to lender requests quickly

This tip is only applicable once you apply but is just as important as the others. Lenders often have additional requests after you submit the application. Some may require additional documentation or clarity on the information you’ve provided. When these requests come through, be sure to respond quickly. Delaying your replies not only stalls loan processing but may also cause you to miss out on your dream home.

Adhering to these tips and having a clear plan in place can go a long way in helping you get your home loan application approved quickly. To plan effectively, the home loan calculator is an incredibly useful tool that you can use. With it, you can find a tenor that allows for optimal outgo and approach your lender as an informed applicant. However, the easiest way to enjoy quick approval is to opt for a lender that offers this feature. For instance, you can enjoy this benefit with the Bajaj Housing Finance Limited Home Loan.

With the home loan offered by Bajaj Housing Finance, you can qualify and get approved for a sizable sanction easily thanks to the simple home loan eligibility criteria and minimal requirement for documentation. Their repayment terms are also easy as you can opt for a flexible tenor and enjoy an attractive home loan interest rate. To avail these features and more without any hassles, apply online at your earliest convenience.

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TAGS: #Features
first published: Apr 12, 2021 09:24 am

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