How to Get a Home Loan Approved Instantly?

Acquiring a home loan can be a straightforward process if you follow some essential steps. To ensure quick approval, it's important to maintain a good credit score, have a stable income, and choose the right lender. Additionally, being prepared with all necessary documents and considering a higher down payment can significantly enhance your chances of approval. By understanding the application process and improving your financial profile, you can make your dream of owning a home a reality more easily and efficiently. This article explains the key strategies for getting your home loan approved instantly.

Check Your Credit Score

When applying for a home loan, lenders check your credit score, with high scores boosting confidence. Most lenders prefer applicants with a score above 750. To increase approval chances, maintain a good credit score, take remedial steps, return loans, and avoid applying for new credit cards or loans.

Make Sure You are on a Stable Income

Lenders closely scrutinise income to ensure loan repayment ability. A steady income increases the chances of easy home loans. Regular jobs with decent salaries are well off, but self-employed individuals may need more income proof. Gather proof of income, such as salary slips, bank statements, or tax payments, to ensure a stable source of income.

Choose the Right Lender

Different loan providers offer different products and approval criteria, with some offering faster processing times. It's crucial to choose a lender with a reputation for fast home loan approvals, as some pre-approve loans for eligible customers.

Calculate Your Loan Eligibility

Before applying for a home loan, it's crucial to determine your loan eligibility, which depends on your income, age, and existing debts. Online calculators from banks can help estimate your eligibility, preventing rejections and ensuring a smooth home loan application process.

Keep All Documents Ready

The bank will usually ask for a number of documents regarding identity, income, and property details. Having these documents ready can give you instant home loan approval. The documents usually required are as follows :

• Identity proof: Identity card issued by the government, such as an Aadhar card, PAN card, passport, etc.
• Address proof : Utility bills, rental agreement, etc.
• Income proof: Salary slips, bank statements, tax returns
• Property document: Sale agreement, property tax receipts, etc.

Make sure all your documents are current and accurate. Any mismatch in the records will lead to delays in the processing of your loan.

Apply for a Pre-Approved Loan

The pre-approved loan essentially is an offer from the bank, stating the amount you are eligible to borrow based on your creditworthiness. This is one of the fastest ways to get your approval for a home loan. If you share a good relationship with your bank, then you have chances to receive a pre-approved offer. By accepting a pre-approved loan, you could get a fast home loan approval since most of the paperwork is already done.

Reduce Existing Debts

Too many existing debts: If too much of your income is already committed to servicing other loans, it creates a high risk for the lenders, and hence your home loan application may get rejected. Pay off your small loans or credit card debt completely and avoid taking on more debt in the months leading up to your home loan application.

Make a Higher Down Payment

Down payment usually refers to the amount you pay with your pocket while purchasing a home. The higher your down payment, the less the amount you will need to borrow. A higher amount as a down payment increases the chances of easy home loans. It gives an impression to the lender that you are responsible and serious about the purchase. Besides, a small loan amount means the risk for the lender is lower, and for this reason, he will definitely consider your application for an early approval of the loan.

Apply for a Loan with a Co-Applicant

If your single income is inadequate for the loan amount you are applying for, then apply with a co-applicant. The applicant can be your spouse, parent, or sibling. His or her income and credit score will be combined with yours to increase your loan eligibility. It will help in getting fast home loan approval because through combined incomes the risk of the lender decreases.

Choose a Long-Term Loan Period

Loan tenure here refers to the period in which the loan is repaid. A longer tenure will definitely reduce the monthly installment of the Equated Monthly Installment, which will be less risky for the lender and thus increases the chances of application approval since the lender sees the borrower's repayment ability.

Steps to Apply Online for Home Loans with Easy Home Loans

To apply for a home loan online with Easy Home Loans, follow these steps:

• Visit the Website: Go to the official website of Easy Home Loans.
• Initiate Application: Click on the 'Apply for Home Loan' option prominently displayed on the homepage.
• Select Loan Type: Choose the type of home loan you are interested in from the options provided under the 'Basic Information' tab.
• Check Eligibility: Click on 'Check Eligibility' to determine the amount you qualify for based on your financial profile.
• Property Status: Indicate whether you have shortlisted a property:Click 'Yes' if you have, and provide the property details.
• Fill in Personal Information: Enter your name as the applicant and provide details for any co-applicants (up to 8). Specify your residential status (Indian or NRI) and fill in all required personal details.
• Submit Application: After filling in your personal information, enter your date of birth and create a password, then click on ‘Submit’.
• Review Offers: Navigate to the 'Offers' tab where all available loan products and their terms will be displayed.
• Document Upload: You will be prompted to upload necessary documents such as identity proof, income proof, and property documents if applicable.
• Pay Processing Fees: Complete your application by paying any required processing fees online.
• Application Review: The Easy Home Loans team will review your application and begin processing it. You can reach out for assistance through their online query module or helpline if needed.

Avoid Large Transactions Before Applying

These indicate instability and may lead to a delay in approval or even disapproval. It would, therefore, be prudent to avoid big purchases or cash movements before a few months of the application date, as stable and predictable finances will help in securing fast approval for a home loan.

Conclusion

Taking a home loan does not have to be time-consuming. Ensure instant home loan approval by following these tips: a good credit rating, stable employment, choosing the right lender, having all your documents ready well in advance, and making a higher down payment. Additionally, once your loan is approved, don't forget to secure the home loan disbursement letter from your lender, which confirms the release of the loan amount. If you're wondering, how do I apply for a home loan? Following these steps will help you stay ahead for smooth and fast approval, whether you're buying your first home or shifting to a new one.

FAQs on How to Get a Home Loan Approved Instantly?

How do I apply for a home loan? 

To get a home loan, you need to choose a lender, check your eligibility, gather the necessary documents, and apply either online or in person. A good credit score and stable income can increase your chances of approval.

What is a home loan?

A home loan is a financial product where a bank or financial institution lends you money to buy a home. You repay this loan in monthly installments, and the property serves as collateral until the loan is fully repaid.

What documents are required for a home loan application?

You will need identity proof, address proof, income proof (like salary slips or tax returns), and property-related documents (like the sale agreement and property tax receipts).

How does my credit score affect home loan approval?

A high credit score (typically above 750) increases your chances of home loan approval, as it indicates to lenders that you are a reliable borrower.

Can I get a home loan with a low credit score?

It may be challenging, but not impossible. You might need to provide additional income proof, make a higher down payment, or apply with a co-applicant to improve your chances.