Is exploring advertisements about 3BHK Flats For Sale in Newtown one of your daily endeavors these days?
What if your needed home loan amount gets approved right after you have chosen one apartment? Without any delay or waiting period?
Such is possible only through some magic you say? Not exactly, since there stays:
4 Proven Hacks For Swift Home Loan Approval
Feeling engrossed? Then focus on-
#1 Choose A Co-Applicant
One most expert-voted way to adopt for any home loan applicant.
Banks tend to give more preference to a joint house loan application,
♦ Since the probability of paying back & on time is more guaranteed in such a scenario.
So, endeavor to apply with another earning family member (best if your spouse) & receive the sanction letter from the bank at the earliest.
P.S: A joint home loan procedure also fetches you the scope to get-
♦ Just the needed loan amount, given the fact that repayment potentiality is 2X
♦ And, at a reduced interest rate – if 1 amongst the two applicants is a woman
#2 Bank On The Builder
Another smart path to pursue for gaining quick home loan sanction.
Reputed real estate houses of Kolkata collaborate with banks & established lending organizations over the aspect of finances & loans for property purchases.
If your selected developer has such tie-ups, then, it is always advisable to communicate with one of those banks or firms, since that will make your loan get approved – literally within a jiffy!
And without those tiresome protocols & documentation hassles that generally happen in a house loan approval process.
#3 Clear All Obligations
More of ground preparation for a house loan applicant.
Note that for approving a mortgage, banks & lending bodies take into account, in addition to a 750+ credit score,
◉ Your FOIR or Fixed Obligation to Income Ratio,
◉ Which is essentially the ratio of your in-hand monthly income to the total amount of EMIs you pay every month.
Now, a FOIR above 50 does not turn appreciable in the case of a home loan sanction process. Therefore, try clearing (or foreclosing if possible) any existing loan & thus reducing own FOIR – prior to exploring available mortgage schemes in the market.
P.S: Veteran realtors advise future home-buyers not to take any other big amount loan (that counts to lakhs) for at least 1-1.5 years before applying for a property loan & thus keeping their FOIR at a stable mark.
# 4 Longer Timeline Higher The Chance
The readiest strategy to pursue when fast home loan approval is a priority of yours.
What plays in here is the trust banks & financing organizations tend to have on long-term house loan applications.
And why? Since a loan covering a tenure of 20-30 years comes with much smaller EMIs to pay – thereby ruling out the issue of payment defaulter by a loan taker.
Try taking a longer-term mortgage & repay more often than is scheduled – if that turns out possible. This eventually aids you to foreclose the loan & save quite much on the total interest rate.
Easy indeed to follow, aren’t these tips? Asking only for a bit of practicality on your part.
So, don’t waste any more time adopting them & owning just the apartment of own dreams within the 3BHK Flats For Sale in Newtown.
As for the later part, bestow trust upon Team Realtech.
