If you are going for a home loan to buy a home, you may have to go through lengthy paperwork. Yes, even in today’s digital age, a home loan requires a lot of paperwork. You have to submit all the necessary documents to the lending bank or NBFC to apply for a home loan. It has been observed that many people have to wait for weeks, even months for home loan approval.
If you don’t want to wait for months to buy your dream home, it is important to get your loan approved at the earliest. There are several avenues that can shorten your home loan approval period. Today, I am going to tell about four such ways, through which your loan can be approved soon.
Maintain good credit score: Your credit score plays a big role in getting you a quick loan. You can improve your credit score by making timely loan payments. Along with this, if there is any loan outstanding on you, then before applying for the loan, you must repay the old loan. This will improve your credit score and at the same time your image in front of the lending bank will become that of a timely loan repayment customer.
Choosing the right bank or NBFC: Not all lending companies have the same policies. Some companies approve the loan quickly while some take time. To get a quick home loan, it is most important that you choose the right lender, find a bank or NBFC that takes the least time to disburse the loan.
Pay a higher down payment: If you want your loan to be approved sooner, the first thing you need to do is pay the maximum down payment. Generally, the lending bank or NBFC expects the creditor to make a down payment of at least 20 per cent of the property to be purchased. By doing this, not only will your loan get approved sooner, but you are also more likely to get a loan at a lower interest rate than other people.
Keep all the documents with you: Before starting the loan process, you need to make sure that you have all the information you need to avail the loan. For example, you should have the details of your credit report, income and all the loans taken during the last few years.