Do you want to apply for a home loan and get instant approval without issues? If yes, you are not alone! Many prospective borrowers want to get the home loan approval faster but don’t implement a few handy tips. You should not repeat the same mistakes and get home loan approved.Go through this quick post and know some handy tips to see your home loan approved! 1. Maintain a higher CIBIL score If your credit score is higher, it means you have managed to pay your active and earlier debts on time. Hence, lenders may consider you creditworthy to repay a home loan on time. They may approve the home loan application of a borrower with a robust CIBIL score of 750 or more, faster and at a lower rate. 2. Pay a large down payment amount The higher is your down payment amount; the lesser is your overall borrowable amount. In turn, it lets you manage to pay only a portion of the loan and even save on interest charges. What’s more, a higher down payment amount makes lenders confident that you are not dependent on the home loan entirely to build or buy a new house. Hence, you may enjoy speedy loan approval. 3. Use the co-applicant feature Applying with a co-applicant having a higher credit score and a stable employment history can help you get the loan approval faster. It may also let you get a large amount, along with tax deductions for each borrower up to Rs.2 lakh. If you manage to consider the discussed tips, you may see your home loan approved in a jiffy.
ur Lenders
