How to Get a Housing Loan Approved Instantly?

Prospective homebuyers can opt for a Home Loan to finance real-estate purchases. Home Loans come with several benefits such as competitive rate of interest and substantial loan amount. The competitive interest rate and long repayment tenor enable Home Loan borrowers to manage their repayments effectively in the form of manageable EMIs over a suitable period. 

When borrowers avail of a Home Loan, they can get up to 90% of the property value 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. You can expect easy approval on your Home Loan application if you meet the eligibility criteria set by your preferred lender. 

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

The eligibility criteria that you need to qualify for differ from lender to lender. The following are some of the eligibility criteria determined by Bajaj Housing Finance. 

• To start with, you must be a residing citizen of India or an NRI (only for salaried applicants). If you are salaried, you must be aged between 23 and 67 years** and if you are self-employed, you must be aged between 25 and 70 years**. 
  
  **The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
   
• You should ideally have a credit score of 750. A good CIBIL score, i.e. anything above 750 indicates high repayment capacity and creditworthiness and thus, borrowers with such a CIBIL score can get instant Home Loan approval.
   
•  If you are a salaried applicant, you need to show a minimum of 3 years of work experience in a public or private sector company or MNC. Self-employed applicants need to show business vintage of a minimum of 3 months.

Besides meeting the eligibility criteria, you also need to submit KYC and income-related documents. PAN Card or Form 97 are mandatory 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. Keeping these documents ready can make the Home Loan process hassle-free. Note that this list is indicative and additional documents may be required for loan processing. 

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

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

1. 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. 
    
2. The next step would be to apply for a loan. These days, borrowers can apply for a housing loan online or by visiting their lender’s office. 
    
3. 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 a step further and ask you to submit all the documents needed for Home Loan processing. 
    
4. Once you have submitted all documents, your lender will 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.  
    
5. Pay a one-time loan processing fee and let your lender conduct legal and technical checks. 
    
6. Finally, sign the loan agreement and expect a loan disbursal.  

Tips on How to Get a Home Loan Approved Easily

Here are a few tips that will help you experience  easy 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, can get approved for a loan quickly.

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 handy with you. 
   
• Try and meet the Home Loan eligibility criteria set by your lender. If you do not meet your lender’s eligibility requirements, your loan application may get rejected. 
   
• Use a Home Loan EMI Calculator to know the EMIs you will have to pay for the given tenor and loan amount. You can also use a Home Loan Eligibility Calculator to know the approximate loan amount you can be eligible 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 low. Lenders may not 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 can 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

In conclusion, Home Loans offer competitive interest rates, substantial loan amounts, and tax benefits. Borrowers can secure up to 90% of the property's value, repayable through manageable EMIs. The online application process ensures swift approval and hassle-free disbursal upon meeting eligibility criteria and submitting required documents.

*Terms and conditions apply. 

Also Read: How to Calculate Home Loan EMI