4 tips to get your housing loan approved faster - Loan Trivia


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Friday 26 November 2021

4 tips to get your housing loan approved faster

 Do you want to apply for a home loan and get a quick housing loan approval? Many people want to do that and still get their applications rejected. 

It is because they don’t consider many pointers. One of them is meeting the home loan eligibility criteria. 

On that note, let’s check out a few tips that can help you apply for home loan and get faster approval! Read on!

  1. Pay a higher down payment amount 

No lender will sanction the entire cost of the home you want to buy. The maximum could be 75-90%. The remaining needs to be arranged on your own. It is what is called the down payment. The higher it is, the better are your chances to get the loan approval. Hence, try to pay at least 15-25% down payment or more. 

  1. Maintain a lower debt to income ratio 

If you are already paying a bigger portion of your home in EMIs, then you may not have much amount to pay another loan EMI. Hence, you should maintain a lower debt to income ratio to increase your chances of home loan approval. 

  1. Ensure that you have a healthy CIBIL score

Your CIBIL score is the mirror of your creditworthiness. The higher it is, the more chances you have to get the home loan approval at a lower rate. It is because a strong credit score means you have paid your earlier and ongoing debts on time. Hence, lenders may consider you a safe bet. 

  1. Meet the eligibility terms of your lender

Another thing to consider when you have to apply for a home loan is to meet the eligibility conditions of your lender. You can do that by landing on the website of your lender and checking all aspects beforehand. 

Considering these vital tips can surely help you get the housing loan approval faster. 

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