Tips to Follow to Get your Home Loan Approved

Author: Tanusree Chatterjee

Buying your dream apartment is not easy. You need to do critical planning and save a handsome amount of money to own it. Most of us while buying a home or an apartment apply for home loans and we need to consider various factors to ensure that our home loan gets approved.

Today, let me share some tips that you can follow to get your home loan approved for buying your apartment where you can indulge in a luxurious life with your loved ones.

Improve your Credit Score:-

It is a key factor that banks generally look into while determining whether you are eligible for home loans or not. So, you need to work on and improve your credit score. But, what a credit score is? A credit score indicates whether a person is capable of repaying debts. It is a number from 300 to 850 that depicts a person’s creditworthiness. The higher the score the better your chance of getting loans. A credit score of above 700 is considered good and if your credit score is above 800 then it is excellent. Now, what are the steps you can follow to improve your credit score?

  • Pay your monthly bills on time.

  • Use Credit cards responsibly and keep outstanding balances as low as possible on your credit cards.

  • Don’t take too many loans at a time and always pay your loan EMI on time, if you have a previous one.

Pay a Higher Amount of Down Payment:-

Down Payment also plays a major role in getting your home loan approved. But it is often seen that most people don’t pay attention to it while buying their dream apartment. What is a Down Payment? Down payment is the initial payment that you pay to the developer while buying an apartment. Try to pay at least 20% of the property value. Paying less than this can result in taking a higher amount of home loan and you will end up paying more every month in EMI.

Pay Attention While Filling Out the Home Loan Application Form:-

Make sure you fill in all the details correctly in the loan application form. Providing incorrect information can increase the risk of your loan application getting rejected. Provide correct contact number, address, and other information as per requirement. Ensure you check all the clauses and terms thoroughly before signing the loan application form.

Use the Co-applicant Feature While Applying:-

If your spouse or partner has a source of income then apply for the loan jointly. Banks will allow you to club the income of your co-applicant. This will improve the chances of getting the home loan approved.

Choose a Good Developer:-

You must choose a trusted developer who has years of experience in the real estate market while buying an apartment. Good developers always ensure that they successfully finish their projects within the given timeframe.

Moreover, they have tie-ups with reputed banks, and applying for a home loan through these banks is easy. Top real estate companies in Kolkata such as Rajwada Group, and Srijan Realty have years of experience in the Real Estate Market and they are the epitome of Trust and quality.

These are the tips you can follow to get your home loans approved in a hassle-free manner.