How to Get a Home Loan Approved Instantly?

In India, buying a home is considered one of the most significant achievements in life. It is a milestone event for many. Many financial organisations offer a wide variety of housing loan solutions to help aspiring home buyers. Today, with intense competition among lenders, you can easily get a loan at competitive interest rates. 

Also, to attract the maximum number of borrowers, lenders have considerably eased the eligibility requirements. Since most lenders nowadays offer digital services, applying for a home loan and getting home loan approval has become easier than ever before. 

However, as a borrower, there are certain things you can do to maximize your chances of getting your loan approved faster. 

 

Improve your credit score

When you apply for a home loan, almost all the lenders in India will consider your credit score as one of the most critical factors in determining your eligibility. Your credit score will determine the maximum amount you can borrow. 

The credit score is a three-digit number ranging from 300 to 900, and it reflects your creditworthiness. All lenders have a minimum credit score requirement for processing the home loan application. While it varies from one lender to another, most require a credit score of more than 750. 

So, if you are planning to apply for a home loan soon, you must review your credit score and try to maintain a score of at least 750. This will immensely help you get fast home loan approval. 

 

Apply for a joint home loan

Another effective way to get easy home loan approval is to apply for a joint home loan with any of your family members who have a stable income and high credit score. When you bring in a co-applicant, the lender will consider both your incomes to determine your eligibility. When your incomes are combined, they will also have an assurance of recovering the loan from you. 

This in turn only helps you in getting the home loan approved instantly but the lender may also be willing to offer the credit with more favourable terms and conditions.

 

Repay all your existing debts

Before you approach any lender and submit your home loan application form, make sure that you pay off all your existing dues, including the loans that you are taking out and your credit card bills. This will immensely help enhance your eligibility for the home loan, and you can instantly get approval for a home loan from the lender. 

 

Keep all the documents ready

One of the most common reasons why many people face rejection or delays in getting their home loan approval is that they don’t comply with the lender’s documentation requirement. So, as a smart borrower, it is prudent that you first know the exact requirements of the specific lender where you want to apply for the home loan and keep all the necessary papers ready before you even start the application process. 

Nowadays, most of the reputed lenders in India, especially NBFCs (non-banking financial companies) like India Shelter Finance Corporation list the necessary documents on their website. This simple step can go a long way in saving you a lot of hassles, time, and energy during the home loan approval process. 

As soon as you submit the application form, the lender will start processing it and do the background check. If everything is clear, they will ask you to submit the documents. At this time, if you delay the submission, your approval will also be delayed. But, if you have all the papers ready, you can submit them online and increase your chances of getting quick home loan approval. 

 

Respond to the lender promptly

After you submit your home loan application form to the lender, they may have queries about the details mentioned in your form. If you receive any query mail from the lender, make sure that you respond to them at the earliest. The sooner you reply and address the issue, the sooner your application will be processed. 

If you fail to respond to the lender on time, you can face significant delays in getting the approval. Also, if you don’t address the issue for a long time, the lender may even reject your application on the grounds of non-compliance with the process. This, in turn, can prove very costly if you have already made any advance payments to buy the house. 

 

Make a higher down payment

Once you are certain about the cost of the property that you want to buy, try to pay at least 20% of that amount as a down payment. If you have the financial capacity, you can even consider paying more. The more you pay upfront, the less money you have to borrow and consequently pay back to the lender. 

Also, when you pay a higher downpayment, i.e., more than the minimum amount required, the lender will know about your strong financial standing, and they may be willing to process your loan faster and provide instant approval.

 

Final Word

Apart from all the tips mentioned above, the key to getting a home loan approved instantly is to choose the right lender. It is better to apply for a home loan with only reputed lenders like India Shelter Finance Corporation, which has a reputation for offering loans at the most attractive interest rates, starting from 8% per annum. 

Also, they have a simple online application process and provide quick approval, provided you meet the eligibility requirements and submit all the necessary documents. So, do your due diligence, choose the right lender, and take your first step toward being a homeowner.