Owning your dream home is no longer impossible thanks to the hundreds of home loan products available in the market. A home loan facilitates your ownership of a residence without you having to pay the entire money upfront. The financial institution will pay the cost of the flat to the builder, and you repay the loan to the lender in equated monthly instalments.
But before taking a home loan, it is essential that you are thorough with everything connected to it, like the type of loans, repayment terms, interest, eligibility criteria, and how you can get a loan quickly.
Types Of Home Loans
The most commonly available type of home loans are:
- Adjustable/Floating Rate Loans: the interest is linked to the benchmark rate of the lender, so in case that rate changes, the interest rate changes accordingly.
- Fixed Rate Loan: here, the rate of interest is fixed at the outset and applies throughout the tenure.
- Combination Loans: A portion of the loan is disbursed at a floating rate and the other portion at a fixed interest rate.
Factors Influencing Home Loan Approval
Numerous factors are at play when it comes to determining whether you qualify for a home loan:
- Credit Score – This tells the lender how risky a borrower you are. Your creditworthiness is expressed as a 3-digit number, and is prepared by independent rating agencies
- Income and Debt-to-Income Ratio – Your incomes and existing debts are assessed by lenders to check if you will be able to pay your EMIs on time
- Property Appraisal – The lender will evaluate the property to check that the amount you apply for aligns with its actual value.
- Down Payment – How much you are willing to pay initially is a factor that impacts your eligibility
- Documentation – comprehensive and accurate documentation of your financial and personal details.
Tips for Instant Home Loan Approval
Here is what you should consider when you make your real estate investment strategies in Thrissur:
Maintain a Healthy Credit Score
Your credit score is critically important, and the first thing that lenders look at when assessing your eligibility for a quick home loan. The higher your credit score, the better, of course, as it signals that your financial behaviour is responsible and less risky. Experian, CIBIL, and Equifax are the major rating agencies in India. You can increase your credit score by:
- Paying credit card bills on time
- Having a variety of credit card, auto loan, personal loan, appliance loan, etc
- Pay EMIs on time
- Clear existing loans
- Check your credit report for errors and correct them quickly
Organize Your Financial Documents
The bank or financial institution will ask for several documents to evaluate your financial health and repayment capacity. You will need to provide KYC documents like Aadhar card, PAN card, ration card, driving licence etc.
For income proof, bank statements, salary slips, and your ITR for the past three years with form 16 will be required. Further, property documents like sale deed, title deed, tax receipts, building plans, occupancy certificates, NOCs from various departments, and any other documents as your lender may ask for.
Make sure you have all these documents well organized and readily available for checking.
Pre-Approval and Pre-Qualification
Pre-approval is getting approved for the loan before you finalize the property you are going to buy. You get an estimate of the amount of loan you are eligible for before the formal loan application process begins. It demonstrates your seriousness to the seller, and streamlines the purchase process.
Think of a Co-Applicant
Having a co-applicant on your home loan can help you get a bigger loan amount and even get the loan sanctioned quickly. Your sibling, spouse or parent (if they are under 70 years of age) can be named as a co-applicant, and provided their credit score is also good, you can get quicker approval for higher amounts.
Consult a Home Loan Expert
Seek professional guidance from an expert to get even more insights, advice, and options so that you can get your home loan approved without delays
Conclusion
To secure a home loan approval quickly, you need to have financial discipline, be ready with all documents, and plan a budget well in advance. Varma Homes is one of the top builders in Thrissur and we have an excellent network of finance professionals and lenders that we can connect you to. As a builder reputed for integrity and quality homes, you can be sure that your application for a Varma Homes apartment will be approved quickly, provided all other criteria are met.
Turn your dream into reality! Explore our premium Flats in Thrissur and get quick loan approval with expert guidance.
FAQs
What documents do I need to apply for a home loan to buy flats in Thrissur?
To apply for a home loan, you’ll need:
- KYC documents: Aadhaar card, PAN card, ration card, or driving licence.
- Income proof: Salary slips, bank statements, and ITR with Form 16 for the past three years.
- Property documents: Sale deed, title deed, tax receipts, approved building plan, occupancy certificate, and NOCs from relevant authorities.
Having these documents well-organized can speed up the approval process significantly.
How can I get quick approval for a home loan to purchase a flat in Thrissur?
To get fast approval:
- Maintain a high credit score by paying your EMIs and bills on time.
- Clear any outstanding debts before applying.
- Get pre-approval to know your eligible loan amount in advance.
- Consider adding a co-applicant with good credit history to increase eligibility.
- Work with builders like Varma Homes, who have strong ties with reputed lenders, making the process seamless.
Can I apply for a joint home loan when buying flats in Thrissur?
Yes, you can apply for a joint home loan. Adding a co-applicant, such as your spouse, sibling, or parent (under 70 years of age), can:
- Increase your loan eligibility.
- Help you get faster approval.
- Distribute repayment responsibility, making EMIs more manageable.
This is a great way to secure a larger home loan and buy the perfect flat in Thrissur with ease.
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