Home Loan Approval is one of the most hassling parts of getting a loan. Getting Loan approvals takes long hours and numerous trips to your bank, and we know how exhausting that is with the routine. Regardless of what bank it is, whether it is an ICICI Bank home loan or some other bank, getting a loan approval can take a long time. So, you might be wondering how to get your home loan approved instantly. Everything you need to know to get a home loan approved is provided below.
Things to do to get your loan approved instantly:
- Maintain a good credit rating
To qualify for a home loan, your credit or CIBIL score should range from 500 to 900. A CIBIL score of 700 or above may persuade lenders to ignore your less-than-perfect financial history and approve the loan. A good CIBIL score shows you have been diligent in repaying debts. To have your loan authorized swiftly, you need a credit score of 900.
- Remove all of your pending bills
Before applying, to increase your chances of getting a mortgage loan, pay off all of your existing debts, including credit card balances. In addition to demonstrating your financial stability to the lender, this step will free up funds in your account so that you may start EMI payments on your loan. Don’t forget to utilize an ICICI home loan calculator. With the calculator, you may understand how much each monthly payment will cost and adjust the loan amount accordingly.
- Seek for a Co-applicant
Getting a co-applicant is one of the less-known techniques to increase your creditworthiness and speed up your home loan approval. A co-applicant is a member of your immediate family who has a regular source of income and can help you pay back the loan.
- Have a basic understanding of loans
Finally, make sure you understand all of the terms and conditions of the lender you’ve selected, such as the duration, interest rates, prepayment options, and processing time, among other things. To ensure a smooth application procedure, you must thoroughly read and comprehend the application form’s fine print. You can use an ICICI home loan calculator to help you know better about your loan.
Tips on ensuring your loan gets approved:
- Do your Due Diligence before buying a House
An authorized list of lenders must make the same loan based on permission and previous real estate transactions. This is done to guard against shady real estate deals that leave purchasers in a pickle. Alternatively, you may go to the lender’s local branch or search online for the list of trusted banks, such as the ICICI Bank home loan. As a result, the odds of getting a house loan application approved are up with the help of the list.
- Increase the loan term
Taking out a longer-term home loan may also help you fulfil lenders’ eligibility requirements. If the loan term is not significant, the Equated Monthly Installment (EMI) may be too expensive for you to afford. As a result, you may cut your EMI and still fulfil the qualifying requirements by extending the term up to 30 years.
- There is no harm in paying more as down payment
You should be aware that a house is not funded entirely via a loan. Lenders loan out between 75% and 90% of the value of a home, and only a 10% to 25% advance payment to the property seller is required. You may be able to pay more than the minimum upfront amount to lower the remaining balance on your home loan. As a result of the lower sum, lenders will consider your home loan application more favourably.
An individual must make sure that they have approached the right builder or real estate manager, and must deal with properties that are registered under the state RERA body. Buying a property registered under the RERA allows a borrower to get in touch with more lenders and get the best deal possible. To know more about such deals, you can also visit Apnapaisa and get in touch with our customer support to give you more insights on benefits and offers from various lenders. These are all the things you should keep in mind to get your home loan approved instantly. Following the above tips and using something like an ICICI home loan calculator can get your home loan approved in the minimum amount of time swiftly and efficiently.