Representative image by Oleksandr Pidvalnyi from Pixabay

September, October, and November are popular for homebuying, given the festive season. Many view this as an auspicious time to make a significant purchase, such as a house. For many, this may be their first home, upon which a lot of family and expectations rest – all the more reason for this purchase to go smoothly and seamlessly with zero hassles in terms of funding and property choice.

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To help you buy the house you dream of, there are plenty of competitive home loans in the market. These secured loans allow access to sizeable loan sums, not limiting your property choice because of budgetary issues.

The trending rate of interest on home loans start as low as 8.30% pa, with EMIs working out to be as small as Rs 755 per lakh only – making for a reasonable amount to put towards your home loan monthly without jeopardising your other financial priorities.

However, to be eligible for such competitive offerings, aspiring home loan borrowers need to ensure that they meet the lender’s basic lending prerequisites – to vouch for their creditworthiness. To assist in ensuring that you are good match for the lender, be sure to follow the three tips listed below.

3 things to keep handy for a hassle-free home loan application

Getting a home loan can be very easy, if planned for well – but where does one start their planning and research? That too can be an intimidating process if you go at it without any guidance. To help you find the right home loan for your dream home, here are the three things you should have handy.

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Your credit report

Your CIBIL score and credit report are mandatory to initiate home loan application, and the subsequent credit appraisal report from the lender’s side. Your CIBIL score considers the following factors:

  • Repayment history
  • Credit utilisation patterns
  • Ongoing debt obligations
  • Routine financial obligations
  • Current income sources

These are all important demarcations of your financial stability and creditworthiness and help determine your current CIBIL score. Lenders appreciate a minimum credit score of at least 750, to be able to sanction loan sums that are sizeable. Being assured of your financial credibility lets the lender approve of your home loan request with more flexible terms. A good way to approach this would be to request for your credit report well before you plan on making your home loan application, so you have ample time to rectify certain aspects of your report – if they need your attention.

Prepare a cash-flow statement

If your home loan request is considerable large in size, ensure that you have adequate paperwork ready to speak for your financial stability and ongoing obligations – to assure the lender of your repayment bandwidth and intent to repay the loan.

This activity is not just for the benefit of your lender but will also help you understand your budget and repayment feasibility. One can several investments and assets, aside from our liquid savings – it is important to ready our finances and take proper stock before applying for your home loan. This will help you tailor your home loan application to suit your repayment capacity, ensuring that you stick to your EMI schedule without erring on the timelines.

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Keep required documents ready

Most lenders have a common set of required documents for home loans, which is easily available on either their websites, or even on the internet. A simple search online should be enough to give you an idea of the type of documents you will need to submit, to hasten the process of your home loan approval, and subsequently, disbursal. Here are some documents lenders typically request:

  • KYC related documents
  • Address proof
  • Payslips (of 3 months for salaried individuals)
  • Bank statements
  • Latest ITRs

Most of these documents are easily available with us – one just needs to have a thorough checklist to ensure they’re all consolidated into one folder. Having this ready before-hand will help you avoid last minute searches and hassles.

End note

We find that a lot of home loan applicants are better off, when they do their due diligence and ensure that their application is well supported by the necessary eligibility parameters. If you feel confident about making your home loan application after going through this checklist, apply for a home loan today and own a home of your own at the earliest.

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