The home buying dream of the middle class is mostly fulfilled through bank loans. But to get it, you have to walk up and down the bank stairs in slippers for months. For this reason, people are forced to take loans in other places as if it doesn’t matter if they pay extra interest. Let’s see what you need to do to get your bank loan application approved right away.
Sybil Score
A good CIB score or credit score is important to get a home loan quickly. CIBIL is one of the four credit institutions recognized by the RBI. It will keep credit data of all Indians. Pay your installments like credit card bills on time to boost CIBIL score.
Apply less than the credit limit allowed on the credit card. For example, if you can spend Rs.50,000 per month, use a credit card for only Rs.30,000. Try to pay off the debt as soon as possible. Check your credit report periodically. Request changes if there are any errors.
Find the right company
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Some banks and non-bank financial institutions may approve your home loan faster than others. There are plenty of opportunities in the market right now. Know the loan approval time of each company. Try to get pre-approved for a home loan by providing our CIB score, income and other factors. This will help you decide whether you are the right person to lend. This will simplify the process while applying for a loan.
More down payment
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One of the things that can be done to get approved for a home loan faster is to make a bigger down payment. Loan companies and banks generally expect a down payment of 20 percent of the home’s value. Accordingly if we provide more than 20 percent it will increase our chances of loan approval. And our interest rate will also come down. If you are unable to pay more than 20 percent down payment, you can apply along with your working spouse or brother.
Gather all the information
Before applying for a home loan you should gather all the information related to your finances. Maintaining a proper CIBIL score beforehand requires having all the necessary documents and information about your income, debts and assets handy.
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