So, you must have been looking for the best options for a month, looking at different websites for the best properties, going on multiple site visits and finally, you have found your dream home. Congratulations! You are one step away from stepping into your dream house – getting approval for your home loan.
With the significant rise in the prices of maru gujarat real estate, funding the purchase of your new home gets difficult without having a home loan. And not to mention, rejection of the application made for a loan hurts you now and in the long run.
This post offers a list of smart tips to help you get quick approval for a home loan and make your dream come true.
A Healthy Credit Score is a Must
Having a healthy credit score is a must when it is all about borrowing. Having a good credit score and sound history helps you get quick approval for your loan. The overall credit score must be 750+ to improve your loan eligibility. Of course, the credit score will not improve overnight; it takes around 3-24 months to reach a better position. Some quick tips for maintaining a healthy credit score are
- Always pay all your credit dues on time
- Never default the EMIs or credit card bills
- Never exhaust the limit of the credit card and keep the ratio below 30%
- Don’t apply for too many loans at the same time
A good credit score will also help you to get a better prospect in future.
Get Co-Applicant for Home Loan
When you apply for a home loan, applying with co-ownership increases the chances of approval. When you have your earning spouse or other members in the family, the application is more likely to get approved quickly. Lenders usually prefer to join applications as they get to incomes and thus have higher chances of repayment. Additionally, having a woman as a co-applicant will also get you concessional interest rates.
Get All the Documents Prepared
The lack of necessary documents is one film indir mobil of the biggest reasons for rejecting home loan applications. Lack of proper documents during the application will cause unwanted delay and eventually leads to rejection. Get a full list of all the documents you need to present and prepare them.
- For Business Owners – The documents include ID proof, address proof of self and business, proof of business ownership, IT returns (last three years), GST statements, revenue statements, etc.
- For Salaried Individuals – ID proof, address proof, IT statement (last 2 years), Form 16 (last 2 years), salary slips, appointment letter, bank statements (last one year).
Make sure that you have all these documents ready with the required copies of the same and can submit them whenever asked.
Always Choose a Pre-Approved Home Loan
Applying for a pre-approved home loan is one of the best ways to quickly get approval for a home loan. Pre-approved home loans are offered based on the individual’s repayment capacity, and it involves less hassles. The offer for the pre-approved loan is mainly based on the current financial records available with the lender. When you apply for this option, you may 123musiq.ws get the approval within one or two days.
Buying your dream home is more than a financial transaction. It’s more of an emotional investment that gives you a sense of stability, security and a feeling of pride. Make sure to get in touch with a professional and reliable home loan agent to get the best deal. Comply with all the instructions and be in touch with an expert to complete the home loan approval process.