How Do I Get a Home Loan Approved Instantly?
While every individual dreams of owning their own house, it is difficult - if not impossible - to purchase a home with the help of one's savings alone. This is where a home loan comes in useful. With a home loan, you can own your dream house without having to wait to have enough savings.
However, there's a catch. Many times, people do not get their home loans approved instantly. Missing details in the application form, incorrect documents, or issues with the credit score – the reasons could be plenty.
So, to help you get your home loan approved instantly, we've made a list of a few things you need to ensure to get quick approval for your home loan.
1. Keep a High CIBIL Score
One of the most important variables determining your eligibility for a home loan is your CIBIL score. A good CIBIL score illustrates how diligently you have repaid your loans and is a sign of your creditworthiness. It assures the financial institutions of your financial capability while extending the loan to you.
Ideally, if you have a high CIBIL score of 750 or above, you have better chances of getting instant home loan approval from your chosen financial institution.
On the flip side, if you have a low credit score, make sure to pay off debts timely to maintain a good score.
2. No Outstanding Debts
Pay off any outstanding debts and credit card balances before applying for a home loan to increase your chances of getting instant approval. This will help you build a strong repayment history and credit score while also freeing up money in your budget for loan EMIs.
Additionally, you can use the EMI calculator to determine your monthly payment amount. It will help you to determine in advance if the EMI payments are within your means.
3. Get a Co-applicant
Another tip while applying for a home loan is to get a co-applicant on board. You can get your parent or spouse to be a co-applicant and improve your chances of loan approval, especially if the co-applicant also makes a good living.
You can benefit from the combined income while applying for the loan. This communicates to the lender that you are more than capable of repaying their loan on schedule, even if your salary is insufficient to make you an acceptable borrower.
4. Stable Source of Income
When applying for a home loan, include all the necessary financial information. Essential information omitted, such as income levels, different sources of income, and outstanding debts, could prolong the approval process for a home loanand even result in your application being rejected.
And avoid giving false information because the financial institution will undoubtedly catch you. Incorrect information slows down the loan approval process and forces the financial institution to reevaluate your application.
The Bottom Line
While applying for a home loan, respond to requests from your lender at the earliest opportunity. Not being prompt may lead to financial institutions rejecting your home loan application.
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