How to get your home loan approved: A home loan makes the dream of owning a home come true. As a financial enabler, it can provide you with all the help you need to need to buy your dream home in Hyderabad.
And with home loan rates at their lowest since years, this is probably the best time to seek a home loan to buy that luxury 2BHK/3BHK you have set your eyes on. All you need is to find the right home loan that perfectly suits your financial position and take all the right steps to improve your chances of getting your home loan approved.
So want to know how to improve your chances of home loan approval? Then read on. Here are 3 simple tips to get your home loan approved:
Must Follow These 3 Simple Tips to Get Your Home Loan Approved:
1. Start Stacking-up Your Down-Payment Amount
The down payment amount is one of the biggest barriers to buy the right home when you find one. Given banks are authorised to approve 80% of the property value, the remaining amount has to be paid by the applicant and it plays a role in the loan approval process too. Walking to a bank with no down payment amount in place may not look good on your record and decrease your chances of approval too.
Having a sizable down payment amount in place when you apply for a home loan makes it easier to grab the right home deal, helps you depend less on bank loan decreasing your burden and increasing your chances of approval.
So, if you are a young professional aiming to own a home then we advise you to kick-start your savings as soon as possible to stack-up your down-payment amount.
2. Maintain a Good CIBIL Score
A good CIBIL score is one of the most important factors that play a key role in your home loan approval. It is a credit score that reflects your track record in making timely repayments and your financial capability to repay the loan. Now that we know its importance you can make a few changes to improve your CIBIL Score and here’s how.
- Pay your existing EMIs on time and if you are finding it difficult to do so, you can restructure them to make it easy. For repayment.
- Do not max out your credit card and pay the outstanding amount without any delay.
- While a secured loan like a car loan can benefit your credit score, an unsecured loan like personal loan or credit card loan can make a dent to your history. So avoid too many unsecured loans on your tab.
- Capping the credit card utilization at 30% to the original amount for a few months with timely repayments is found to have a positive impact on CIBIL Score.
A CIBIL score reflects how well you have maintained your credit history and by make these sweeping changes for at the least a year you can improve your score and boost your chances of approval.
3. Have a Co-Applicant On Board
Banks and lending institutions gauge your financial capability before approving your home loan. This includes taking account of your income, financial obligations, dependents and other factors that can impact your repayment capacity. Approval of home loan if not the total amount approved also depend on the factors and the best way to tread these waters safely is to bring a co-applicant on-board of your home loan. Getting your spouse or any immediate family member with good credit history and steady income can significantly improve your credibility and chances of getting your home loan approved.
These 3 tips can help you to get your home loan approved instantly
The above 3 tips are aimed at people in different stages of the home buying process.While the first tip is for the newly minted young professional aiming to buy a home in future, the second one bodes well with an individual actively looking to buy a home in Hyderabad. And the third tip is for an individual in the last stage right before documentation. You can also read our 5 Things to Know Before Taking Home Loan article to know more details about home loan.
So if you are an individual with a dream to buy a 2BHK/3BHK in Hyderabad these three tips can help you to plan and take all the necessary step to get your home loan approved effortlessly. And while you are at it, we advise getting your eyes on all the available home buying options in Hyderabad. If you are looking for luxury 2BHK/3BHK in a gated community, we advise you to sneak a peek at our NSL East County here: https://www.nslinfratech.com/nsl-east-county-hyderabad.php