How to Get Your Home Loan Approval from Bajaj Housing Finance Quickly?

If you are planning to apply for a home finance, you must make sure to find a lender you can implicitly trust. A Home Loan is a huge financial responsibility and a long-term commitment. You will take at least 15 to 20 years to repay the loan. In such a scenario, it is crucial that you pick a lender who is known for their customer-centric approach.   

When it comes to Home Loans, Bajaj Housing Finance is one of the most trusted names in the market. The company offers Home Loans at highly competitive interest rates. Their eligibility requirements are basic and documentation requirements are minimal. Further, the company is known for speedy disbursal of loans - with Bajaj Housing Finance, you can expect to see the loan amount in your account within 48 Hours* of document submission and approval. So, if you are in a hurry to buy the home of your dreams and need funds to facilitate the purchase, apply for a housing loan with Bajaj Housing Finance.   

In this article, we discuss with you some tips to help you receive quick approval on your Home Loan application from Bajaj Housing Finance.  

Quick Tips on How to Get Your Loan Approved from Bajaj Housing Finance Quickly

1.Make Sure You Have an Excellent Credit Score

Planning to apply for a Home Loan with Bajaj Housing Finance? Make sure your credit score is at least 750 or above. A good credit score indicates good repayment capacity as well as high creditworthiness. Thus, lenders immediately approve Home Loan applicants with a high credit score. If your credit score is below 750, do not apply for a loan with a low credit score, your Home Loan application will likely get rejected. Instead, build your credit score first and then apply.   

2.Check Your Credit Report for Errors Before Applying for a Home Loan

Often, a person's credit score goes down due to wrong information supplied to credit information bureaus by financial institutions and lenders. If you are planning to apply for a Home Loan, access your credit report and make sure there are no errors in it. If you see any errors, report them immediately. Rectifying credit report errors takes time. Therefore, you must report these errors as soon as possible.  

Also Read: A Helpful Guide to Understanding Your Credit Report 

3.Make Sure You Have all the Documents Ready with You

Before beginning the Home Loan Application Process, go to Bajaj Housing Finance’s website and check the list of Home Loan documents you will be required to provide during the application procedure. Keep the original and photocopies of all the documents ready with you. Many times, applications get rejected or put on hold due to insufficient documentation. Do not make this mistake. To experience a hassle-free and smooth loan application journey, have all documents ready with you. 

4.Go with a Well-Known Property Developer

When it comes to Home Loans, lenders are quite cautious about approving applications as they want to nullify all chances of loan default. Thus, more often than not, they reject all applications for a loan to buy properties built by developers on the lender's defaulters list or developers who have a bad name. If you want to get approved quickly, go with a reputed builder. Bajaj Housing Finance has over 5000 pre-approved projects. Apply for a Home Loan to buy property in one of these projects to experience quick approval as well as advantageous borrowing terms and conditions. 

5.See if You Have a Pre-Approved Loan Offer

Just like you need financial assistance to realize your dream of becoming a homeowner, lenders also need trustworthy clients and borrowers to stay profitable and in the business. Lenders, these days, try to entice customers who are creditworthy and have a good repayment history as well as income profile, by extending pre-approved loan offers to them. If you are pre-approved for a loan, not only will your Home Loan application receive immediate approval but you will also get favourable terms and conditions on your loan. So, check if you have a pre-approved loan offer from Bajaj Housing Finance. If you have, getting your loan application approved quickly will be a cakewalk.   

6.Apply for a Joint Home Loan

If you think your housing loan eligibility is low and you do not meet the Bajaj Housing Finance Home Loan eligibility criteria, you can enhance your eligibility and increase your chances of receiving loan approval by adding a co-applicant to your Home Loan application. However, keep in mind that this co-applicant must have an excellent credit score and a good income profile. 

People Also Read: Complete Guide on the Benefits of Joint Home Loan 

Final Words

Once you decide to become a homeowner, chances are you will be in a hurry to make your dream home yours. So, if you are in a hurry to get your Home Loan sanctioned quickly from Bajaj Housing Finance, following the tips mentioned in this article will certainly help. 

*Terms and conditions apply.