REALTY : Home Loans- Ab Quicker

Housing finance companies have their own eligibility criteria that one needs to fulfill. SHRI Present some pointers here to getting an approved quicker home loan

Buying a home is one of the biggest decisions one makes, and for most people today, it has been made possible thanks to the home loans available from banks and other institutions. But deciding to get a home loan is very different from actually getting it. Housing finance companies have their own eligibility criteria that one needs to fulfill. Here are some pointers on getting an approved quicker home loan:-

1. Get your credit score right

If youíve ever defaulted on a credit card payment, or have a dispute going on with the provider, it shows up as a negative on your credit score. Solve it.Some experts suggest that before applying for a home loan, get a credit card, spend only 10-15% of your credit limit every month, and pay it off promptly. This gives a major plus to your overall credit score.

2. Pay off old debts

If you have any old debts like student loans, or a long running auto loan, pay them off before applying for a home loan. Banks want to see what percentage of your income youíll be able to spend on repaying the loan. A multitude of long-term debts will definitely not give them much confidence.

3. Check your bank balance

There might be a few institutions offering 100% financing, but the majority only gives you a loan of 85% of the property value. And they ask you to prove that you have the capability to pay your share. Many banks only release the loan amount after you have paid your part. An additional point here is that you will also end up paying around 8 to 10% of the property value towards registration, loan processing fees, etc. So calculate those when you start building up your balance.

4. Invest in approved properties

Getting your home loan approved is easier if, the property youíve zeroed on is approved by the financing company youíve applied to. Many developers provide a list of the banks that have pre-approved their property. One can also pay an advocate fee to the bank to get the property checked, and ensure that all papers are in order.

Buying a home is a huge experience in itself. While you research heavily on lending rates, finance schemes, et al of various banks and home finance institutions, itís advisable to simultaneously start working on the above points. They are sure to give a major boost to your eligibility for a home loan and its subsequent approval.

SHRI Group is developing and constructing aesthetically designed residential 3 BHK apartments in Greater Noida West, which can be compared to the best in the world. These apartments offer Great Value for your hard earned Money. Major housing finance institutions have approved these projects as well. So, look no further and pay a visit today for quicker home loan!