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How to Get a Housing Loan Approved Instantly?_WC

5 min 12 Apr 2023
Highlights:
  • What are the Eligibility Criteria to Avail of a Home Loan?
  • Step-by-Step Process on How to Get a Home Loan
  • Tips on How to Get a Home Loan Approved Instantly

Property prices have increased considerably over the recent past, which in turn, has made it impossible for homebuyers to afford to buy homes by paying their entire cost in one go. These days, most homebuyers opt for a Home Loan to finance real-estate purchases. Home Loans are big-ticket and long-term loans that are sanctioned at a low rate of interest. The low interest rate and the long tenor involved make it possible for Home Loan borrowers to repay the loan in the form of affordable EMIs over a suitable period. 

When borrowers get a Home Loan, they essentially get up to 85% of the value of a home as a loan. The remaining amount, known as the down payment, is arranged by the homebuyer and establishes a stake of the buyer in the property. Home Loans are paid in the form of EMIs, which constitute a principal component and an interest component. As time advances, the principal component of the Home Loan goes up and the interest component goes down. Borrowers are advised to use a housing loan eligibility calculator to figure out the housing loan amount they qualify for and an EMI calculator to work out their EMI obligation for each month and plan loan repayment. 

The online Home Loan application process has made it possible for borrowers to apply for a housing loan while sitting within the comfort of their homes. However, Home Loan approval does not come easy and not everyone who applies for a loan gets approved for one. If you want to get approved for a Home Loan instantly, make sure you meet the eligibility criteria set by lenders. 

What are the Eligibility Criteria to Avail of a Home Loan?

If you want to experience instant Home Loan approval, make sure you meet the following qualifying conditions. 

- To start with, you must be a residing citizen of India. If you are salaried, you must be aged between 25 and 65 and if you are self-employed, you must be aged between 25 and 70. Please note that the eligibility requirements for a Home Loan vary from lender to lender and therefore, Home Loan borrowers are advised to go to their chosen lender’s website and see their age requirements for a Home Loan before beginning the Home Loan process. 

- If you want to get Home Loan approval quickly, make sure your credit score is at least 750. A good CIBIL score, i.e. anything above 750 indicates high repayment capacity and creditworthiness and thus, borrowers with such a CIBIL score get instant Home Loan approval. 

- Your lender will also require you to submit certain KYC and income-related documents. These documents will help them establish your identity as well as verify your income to make sure you can repay the loan you want to avail of. So, keep all the documents ready to experience a hassle-free Home Loan process. 

Step-by-Step Process on How to Get a Home Loan

If you are planning to get a Home Loan, you must familiarize yourself with the Home Loan process and the steps involved. 

- The first step in the Home Loan process is doing thorough market research and figuring out which lender would be the ideal choice for you. 

- The next step would see you making a loan application. These days, borrowers can apply for a housing loan online or make an application in person by visiting their lender’s office. 

- Once you have made an online application, your lender will take a call on your application. If they think you will be able to repay the loan on time, they will take the process one-step further and ask you to submit all the documents needed for Home Loan processing. 

- Once you have submitted all documents, wait for the lender to verify these documents. Once the housing loan verification is complete, your lender will release a sanction letter which will contain details of the loan, including the Home Loan interest rate offered to you, the tenor you are being offered, etc. If you agree with the terms and conditions mentioned in the sanction letter, sign the letter and send it back to your lender.  

- Pay a one-time loan processing fee and wait for the legal and technical check to get over.  

- Finally, sign the loan agreement and wait for loan disbursal.  

Tips on How to Get a Home Loan Approved Instantly

If you are applying for a Home Loan, it is quite likely that you would want to get the loan money in your account as soon as possible. Here are a few tips that will help you experience instant Home Loan approval. 

- To start with, if you want to be approved for a housing loan instantly, perform a CIBIL score check before beginning the Home Loan application and apply for a loan only if your CIBIL score is 750 or above. Such a score indicates high creditworthiness and repayment capacity. Borrowers with such a credit score, therefore, get approved for a loan instantly. 

Also Read: Tips to Maintain Your Business CIBIL Score Above 700 

- To experience quick Home Loan approval and a hassle-free loan process, keep all the documents ready with you. All lenders mention the list of documents they need for loan processing. Go through this list and keep all documents ready with you if you wish to be approved for a loan quickly. 

- Make sure you meet the Home Loan eligibility criteria set by your lender. If you do not meet your lender’s eligibility requirements, your loan application will get rejected almost immediately. 

- Use a Home Loan EMI calculator to work out the loan amount you qualify for. Apply for an amount equal to this amount or something lower than this to experience quick Home Loan approval. 

- Make sure your debt-to-income ratio is not over 40%. In other words, make sure no more than 40% of your total income is going towards covering loan EMIs and credit card bills. Lenders do not want to sanction a loan to borrowers with a higher debt-to-income ratio and therefore, if your debt-to-income ratio is high, your loan application may get rejected.   

- If you have too many loans running at the same time, try and clear a few loans. This will bring down your debt-to-income and lead to instant Home Loan approval. 

- If your Home Loan eligibility is low, add a co-borrower to enhance your chances of loan approval. 

Final Words

Getting approved for a loan is not as hard as it seems. Simply follow the tips mentioned in this article and Home Loan approval will come easily. 

*Terms and conditions apply. 

Also Read: How to Calculate Home Loan EMI 

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