5 Tips to Get Approved for a Home Loan instantly

Do you need a home loan the soonest as possible? If you aspire to own the home of your dreams, you can make it happen with a home loan.

A home loan helps build or buy a read-to-move-in house that suits your class. Many financial institutions offer loans for up to 90% of your home cost. Then, you pay the remaining 10%, making it easy to own your desired home.

But before your home loan can be approved, you should meet the required eligibility criteria. Research a lot before you apply for a home loan. Doing enough research enables you to find a lending institution with the most favourable loan conditions.

Below are tips on how to get a home loan application approved instantly.

Steps to Make Sure Your Home Loan is Approved Faster

Provide Correct Information 

Many financial institutions require you to fill out a loan application form. Do you want to apply for a loan online or visit the branch offices? Whatever the option, you should provide the correct information when filling out the loan form.

Your name, identification number, residence, and account details are the data you should provide in the loan form. Giving wrong information in your loan application form delays home loan processing.

That’s why you should pay attention as you fill out the form.

Documents Required for Home Loan Approval

Do you have a specific financial institution where you want to borrow? If yes, check the documents you are expected to provide for your loan approval. How fast you provide the right documents your lender requires determines how fast your loan gets approved.

If you delay offering the documents, the process to approve your loan also delays. Some of the documents you should have are age-proof documents, financial statements, and employment letters if you are salaried.

Other important documents are identity proof and residential address documents. For these, you can provide a PAN card, driving license, bank statements, or even an Aadhar card.

Have a High Credit Score

You need to check your credit score before applying for a home loan. Checking allows you to identify and seek correction of credit score errors that lower your overall CIBIL score.

Do you want to apply for a home loan, but you have too low a credit score, say 600 or less? If yes, chances are high that your loan will be rejected.

A low credit score indicates you’re a risky borrower, discouraging lenders. But you can improve your credit score when planning to get a home loan soon.

Pay your credits and existing loans on time, and your credit score will improve. In addition to instant loan approval, a high credit score helps you to qualify for a low home loan interest rate in India.

Maintain a Low debt-to-income Ratio

Your loan can be approved faster if you have a low debt-to-income ratio. Fewer debts mean you can repay your home loan, which encourages a lender to approve your loan application.

You should maintain your overall debt-to-income ratio at around 40% when planning to apply for a home loan. Find credit cards with higher interest and focus on repaying to reduce your debts.

Include a Co-applicant with an Income and a Good Credit Score

Do you have a spouse or relative you can add as a co-applicant? Including a co-applicant in your home loan application increases your chances of approval.

You qualify for a huge amount and low home loan interest rate in India when you include a co-applicant with a high credit score and income in your loan application.

Conclusion

Today, getting a home loan is an easy and faster process. The online loan application process is simple and cheaper. After sending the application, provide the required documents for loan processing.

Keeping a clean credit score report increases the chances of loan approval. It’s also easier to approve a loan application when you add a co-applicant.

Follow the tips discussed here and secure a home loan to get your dream house now!

Also Read: 4 Important Things You Should Know About CIBIL Score to Avail Personal Loan