Were you looking to apply for an online home loan to get into a dream home? If yes, you will have to get your home loan approved. And to do that, you can follow a few tips.
Read on and know more!
Maintain a higher CIBIL score
Your lender will pull up your CIBIL score when you apply for a housing loan. Hence, you should keep it higher by making your ongoing debts on time. A strong CIBIL score means that you are a safe bet because you have paid timely bills. Therefore, lenders reward you with a faster home loan approval at a lower rate.
Apply with a co-applicant
If your credit score is not up to the mark, you may apply for a home loan with a co-applicant having a strong credit score. This way, you can get the home loan approval faster and for a large amount.
Put down a large down payment
Keeping a large down payment amount convinces a lender that you have enough funds. With a consistent income, they also expect you to clear the loan on time. A bigger down payment also helps you reduce the loan burden faster and save on interest charges.
Go for an ideal repayment tenor
If you can go for a tenor that is not very long and small, it can help you get a faster home loan approval. You can use a housing loan EMI calculator to know an amount you will pay as EMI over the tenor.
Check your property location
A property located in a known area with all amenities can also let you enjoy speedy home loan approval. It is because lenders can liquidate it at a good rate if you don’t repay a home loan on time.
Maintain a lower debt to income ratio
You should convince a lender that your income can support EMIs. Thus, you should maintain a lower debt to income ratio. This way, you can get a faster home loan approval.
Taking into account these significant tips can help you get a home loan without delays.
Must Read: Top Factors to Consider Before Making a Home Loan Prepayment
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