Owning a home to their name is the dream of every individual in India. It is one of the major life decisions that affects not only your lifestyle but also your financial health. Hence, you need to keep your finances in check when buying a home. You might be a bit topsy-turvy when choosing the best lending institution for a housing loan.
Numerous loan providers in the market offer different interest rates and features on a housing loan. If you’re a first-time homebuyer, you can benefit from pre-approved home loan offers as the loan processing is quick, meaning you don’t have to spend much time on that and focus on your property search. With a pre-approved loan, you can attain better negotiation power with the property seller.
Let’s have a look at a few more benefits of availing a pre-approved housing loan.
- Helps You Make Sound Financial Decisions
One of the biggest advantages of getting a pre-approved home loan is that you don’t have to worry about checking with different lenders. Keeping your spending limit in mind, you can browse the best property options and eliminate the ones that don’t meet your criteria. Generally, pre-approved loans are taken before selecting a property and some lenders do provide the facility to get instant online approval for a housing loan.
- Upper hand On Negotiation
Getting your home loan approved beforehand gives you the power to negotiate with the property seller. You may even be offered preferential treatment and attractive discounts on your purchase due to your strong financial health. A home loan sanction letter serves as proof that the bank is taking you seriously for a home purchase. This also means that a bank has reviewed your financial ability to repay and is assured with the same. Hence, you are an eligible borrower for other housing loan providers in the market.
- Stress-free Property Search
With a pre-approved home loan, you already have a clear picture of your budget. The loan provides a sense of freedom to buy properties that you find desirable without worrying about a thing. For example, if you are granted a pre-approved loan of Rs1 crore you will search for houses in the range of Rs80-90 lakh and not waste your time contemplating unreasonable deals.
- Swift and Easy Loan Process
During the pre-approval application stage, the lender only evaluates your income-related documents. Once the application is approved, you get a pre-approval letter that helps speed up the process of purchasing a home. Simply look for a good deal and book a property of your liking that falls within your budget. A fast loan process facilitates an efficient home purchasing process and you don’t have to see a good property deal slip away.
Well, if you consider getting a pre-approved home loan, start by looking up lenders in the market. Compare all the features and terms provided by these lenders and choose a suitable option to get a pre-approved loan. Also, avoid making multiple enquiries without approvals as this may hurt your credit score and the approval of your loan.
At Finserv MARKETS, you can apply for a housing loan and avail a loan amount of up to Rs5 crore. Along with this, you can make the most of the benefits of an additional Home Loan Top-Up over the sanctioned loan amount. Now, you don’t have to wait for long to get your loan process started as the minimal paperwork requirements and verification ensures quick online home loan application.
The loan eligibility criteria for a housing loan is simple and easy to fulfill. To calculate the amount of your monthly instalments, you can make use of the home loan EMI calculator available at Finserv MARKETS. You just need to fill out the desired loan amount, the predetermined rate of interest, and set the loan tenure to get your results.