Book your Dream Home with a Pre-approved Home Loan

With the demand for homes being pretty high, your choice of property may become someone else’s by the time you get your Home Loan approval. That’s when a pre-approved Home Loan comes to your rescue.

A pre-approved Home Loan is an in-principle approval given by a bank or lending institution based on your profile. The factors considered include your EMI repayment capacity based on your net income, net worth, your credit history and your current EMI outflows (in respect of the ongoing loans). On this basis, a Home Loan is advanced to you which has to be utilised within a specified time period.

At such times a Home Loan calculator for calculating EMI proves handy when you want to quantify the amount of loan you’re eligible for.

The pre-approved Home Loan process is quite detailed, and requires your Income tax returns, bank statements, salary slips, identity proof, income details, and PAN details. Your credit history is obtained from CIBIL. Once the checks are in place, your Home Loan is pre-approved and you can utilise the offer for a period of 6 months.

The confusion over which kind of home to look for is cleared up with a pre-approved Home Loan. Since you cannot buy a property higher than the sanctioned loan amount, you will be able to take a sound decision on the choice of home. With the budget in hand, you can pinpoint the properties that suit your taste and fit your budget.

There are no shortcuts to buying your dream home. You might want to check out multiple properties; however, the agent might think he is being pulled about all over. A pre-approved loan on hand proves that you’re a genuine home buyer and the agent is bound to show to quality properties based on your choice.

You must all be well aware that builders offer you discounts if you buy within a cut-off date like no-floor rise charges if you book before festival offers. When you have a pre-approved Home Loan on hand, you not only express your readiness to buy the home, but also prove to the builder that you can honour the financial outflow. Thus, a pre-approved loan enables you to bargain with the builder for additional facilities or a discount in the per square feet price.

With a pre-approved loan on hand, your Home Loan application in Noida, Mumbai or in any city will be in a quick processing mode. The decreased lead time between application and disbursal ensures that you save time while booking the home of your choice.

Since pre-approved Home Loan offers are available only for a specified period, it is advisable to avail them once you’ve shortlisted the properties. Buying a pre-approved property with a pre-approved Home Loan enables you to enjoy hassle free home purchase. If you are a salaried person wanting to buy your dream home, you can avail Bajaj Finserv Home Loan that offers instant approval and an attractive rate of interest.