Last Updated on July 17, 2021 by Journal Fact
A home loan is an amount of money that is borrowed to purchase a home from a financial institution or a bank. For most homeowners, taking a home loan is a crucial decision and sometimes a nightmare. However, a home loan comes with either adjustable or fixed interest rates and payment terms. The entire process of getting a home loan is very complicated and time taking. Also, meeting certain eligibility standards is mandatory to get the home loan approved.
Follow these easy ways to get an instant approval for a home loan:
- Know your financial condition.
Checking your financial condition is extremely important to understand whether you have enough finances to pay back your loan amount. Getting into another debt to repay an existing loan is never a good idea. Thus, clearing all your EMIs on time could make you eligible for taking a Home Loan. PNB Housing Finance Ltd offers home loans for businessmen, salaried people, residing anywhere in west, north, and south zones in India.
- Go for a long tenure loan.
A long tenure loan allows you a repayment tenure of up to 5 years, thus lowering the monthly EMIs and increasing the chances of your Home Loan Eligibility. PNB Housing Finance Ltd offers a doorstep service with a dedicated relationship manager to make you understand everything about home loans. We offer up to 30 years of loan tenure and multiple repayment options.
- Clear your existing loans and maintain your credit score.
When you have paid off all your previous loans, then the probability of the loan being sanctioned increases. May it be a vehicle loan or a personal loan, or even a credit card debt, clear it off before applying for a home loan. Being particular about following the deadline of the repayment of the loans which you borrow can help you maintain a good credit score.
Also, avoid applying for many loans at once, as this might hamper your credit score. Ensure that your credit card bills are paid, and also you have cleared all your outstanding debts. Beware of any errors in your credit report and rectify them asap. PNB Housing Finance Ltd has no prepayment or foreclosure charges and could fund up to 90% of the property cost.
- Show additional sources of income.
Showing additional sources of income is the best way to improve home loan eligibility. Additional sources of income like mutual funds, rental income, fixed deposits, and more, which are not a part of your net income, help boost the chances of your home loan being sanctioned.
- Go for joint loans.
Taking a joint loan with another applicant who is employed and with monthly income and other required documents enhances your eligibility of getting a home loan sanctioned. This is because the lender considers the financial condition of both the applicants and then sanctions the loan.
- Respond immediately and use the home loan eligibility calculator.
Being prompt in responding to the queries and requests of your lender decreases the chances of rejection. It is recommended to use a home loan eligibility calculator to get an estimate of the loan you can take.
Getting a home loan sanctioned instantaneously is a dream for every borrower. Thus, following these essential tips and disclosing all the relevant information is very important for home loan approval. Be cautious of any mistakes which can lead to the rejection of your home loan application. Apply for a home loan with PNB Housing Finance Ltd and make your dream of living in your own house come true.