Sunday, December 18, 2016
How to save time on your home loan application process
It was regular morning for Seema. She was sifting through the newspaper, just like any other morning. But something stood out that day--a very good home deal in the paper caught her attention. The builder was offering a hefty discount on the first 50 bookings.
Naturally, Seema rushed to the sales office.After seeing the sample flat, she decided to book one for herself too. But the builder asked her to complete the financial formalities at the earliest.Otherwise, he would not be able to offer the discount.
Seema had to work very fast on her loan application. Thankfully, she knew a few tricks,which helped her to get loan approval in just a few days. She is now a proud homeowner.
Like Seema, you too can get quick approval for your loan. The points mentioned below could help.
1. Pre-approval of the home loan
Getting your home loan pre-approved can save you a lot of time. What is pre-approval of a home loan? Itinvolves getting your loan amount approved by the lender even before submitting the loan application. This saves time, as you do not have to re-negotiate the loan amount with the lender. To get a pre-approval on your home loan, you need to submit an application. The lender will assess your financial standing before approving it. Your credit history will also come into play here.
2. Apply online
Most home loan providers allow you to submit the home loan application online. Spot approvals also happen in the electronic space, eliminating the need to make repeated trips to the lender’s office.This means you can get an instant home loan with just a few clicks no matter where you are.
3. Check your credit score
Every lender will assess your credit history before approving your home loan. Do you want to save time on your home loan process? If so, check your credit score before you apply for the loan. Just visit CIBIL’s official website to find out where you stand. If you have a good credit score, yourloan pre-approval should not take too long.
4. Maintain a good employment record
The lender will assess your employment record before approving your home loan. So, try not to change too many jobs within short spans.That could make it seem like you have an unstable employment record,and coulddelay the loan approval process. Submit salary slips for the last 12 months to establish that you are financially stable. This will speed up your home loan application process.
5. Get your documents in order
Finally, get all your documents in order. You can find the list of documents needed on the lender’s website. Incorrect submission of documents is one of the main reasons home loan approvals takelong. SO, take charge and submit the right documents to ensure speedy loan processing.
The bottom line
No one likes to wait in suspense for a long time to get a home loan approved. With these points in mind, your home loan application process will be super-quick and super-simple.