26 Jul-2019

Opt For Pre-Approved Home Loan & Take a Step Closer To Your Dream Home

Posted onJul 26, 2019
by by Admin
Kerala, Real estate market trends in Kerala

Pre-Approved Home Loan & Take a Step Closer To Your Dream Home

Looking ahead to the point where you want to avail pre-approved home loan to buy your dream home. Owning a home is everyone?s dream and most of us save up our hard-earned cash towards fulfilling this dream. However, our savings are not sufficient to achieve it, for this home loans options are there. After zeroing on the dream home the second biggest hurdle facing the home seeker is to obtaining a home loan. For this now, banks and financing institutions are providing loans much more handily than before. Pre-approved home loans are one of the most convenient and hassle-free ways to gather funds towards a home that you desire. It is the best way, as one will get a clear hint about the budget available for making the buying. This will aid you in thinning down the choices available and would be useful in finishing the transaction as quickly as possible.

What Is A Pre-Approved Home Loan?

Pre-approved home loans are slightly different from conventional home loans.? It is mainly based on the refund capability of the person and not fully reliant on the property itself. One does not want property papers or related documents to apply for pre-approved home loans. I.e. it is a hassle-free method and processing will be fast with bare minimum documentation. The bank or the financial institute can give a stipulated amount of time once the approval of a loan to finalise the property. If anyone fails to finalise a property within the stipulated time, one should reconsider his application at a nominal cost.?

What Is Pre-Approved Property?

Nowadays, mostly all builders get their residential projects pre-approved by lending institutions. The pre-approved property means that the particular financial institute has verified all technical and legal documents of the projects and has found them in order. Therefore, any buyer, who applies for the home loan for this property, do not require any legal verification.

Key Points to Consider While Applying for a Pre- Approved Loan

  • Pre-approved loans are like ?Invitation to Apply? (ITA) offer and hence it is valid only for a certain period of time. Therefore, the client needs to apply in the specified time frame to be qualified for the offer or the aids it brings.
  • Enquire about the prepayment & pre-closure charges.
  • Compare available features and interest rates.?
  • Look for zero processing charges.

Important Features of Pre- Approved Loan

  • Faster loan disbursal: As most of the verification is done during the pre-approval phase, it becomes faster to get the loan disbursed once the property is finalised. In such a case, banks only verify the property documents and give the final approval, which helps buyers of properties that have a shorter window of the transaction and have a time limit involved in their transaction.
  • Lower Interest Rate: Pre-approved home loans may come with a lower interest. As the bank has already checked your income, current balance, repayment history and savings, it becomes clear that they are certain about you paying the installments on time.
  • Focused house hunt: The housing market deals horde of choices to buyers containing apartments, villas, independent houses, floors etc. Knowing one?s loan eligibility benefits the candidate to limit the search and focus on the property comes under that budget category. This saves time and effort as the properties falling out of the scope will not be considered.
  • Minimum Documentation: A pre-approved loan is offered to the existing customers, that is why minimum or no documentation is required, and the process is a hassle-free.
  • Better negotiation power: Having a pre-approved home loan enables you to negotiate with your seller. The builder will be aware that your funds are in order and that you are a genuine buyer as pre-approved loans are available for a particular period only.

You can start planning for your home and be ready to purchase it at the right time without having to deal with a last-minute loan rejection. Whether you are looking for the top builder in Kerala for owning your dream apartment, then you can heed towards Varma Homes. Step into Varma Homes and feel the magic of luxurious living along with zero concerns about taking of loan in order to make up for what is a shortage.? As we have the tie-up with all major banks, and we offer pre-approved loans for all our projects, which makes the entire process a whole lot stress-free. A pre-approved loan always gives a head start that regular loans do not and it makes loan disbursement convenient and easy for you. We offer apartments at the most-desired places in Kerala such as Kochi, Thrissur and Trivandrum with excellent amenities to give you the best lifestyle like no one else.? Now the good news for buyers is that you have to pay only 10% for the booking of your apartment. In addition, we provide some special offers on spot booking in some zones. So book your dream apartment now by paying only 10% with instant loan approval and take a step closer to living in your dream home!

Come, experience the magnificence of Varma Homes apartments that match your requirements and balances your lifestyle!

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