Everyone dreams of becoming homeowners. It is a way of confirming lifelong monetary security, the type that does not come from residing in a rented house. But purchasing a house is an arduous procedure. Whether it is years of savings to be given as a down payment or searching for a good neighbourhood to capitalise in, the procedure of purchasing a house is complicated.
PNB Housing Finance Ltd aims to fulfil the client’s visions of acquiring their own house with quick, hassle-free, customised home loans.
Since estate investments take an enormous chunk of our savings, most of us are dependent on home loans. Yes, you can apply for a home loan and pay it in simple equated monthly instalments (EMIs) for terms lasting up to thirty years if you apply for a personalised home loan from PNB Housing Finance Ltd.
Here is a complete guide to getting home loan approval instantly:
Get to work as soon as possible.
Once you have an extensive idea about the home loan procedure and the home loan interest rate of various banks, you should immediately contact the bank of your choice for further details and apply for a home loan. If you wait too late in the day, especially on a Friday afternoon, you will not get a response until Monday at the earliest.
This is important if you have already paid your security and need to come to terms fast, although it is always suggested that you get a home loan pre-approval before paying your deposit.
Check if you are eligible for a home loan or not.
Satisfying certain eligibility criteria is obligatory to get the home loan sanctioned quickly. Having previous debts cleared, sufficient monthly income, clear financial records and certain mandatory documents are some of the basic eligibility pointers.
Check: PNB Home Loan Interest Rate
Provide all your documents.
Approximately 80% of home loan approval holdups are the outcome of missing documents. By furnishing necessary up-to-date documents with your application, all at once, you can drastically lessen the time taken to get your home loan approved.
These documents usually comprise an application form which is generally provided to you by your bank, a scanned copy of your passport, driver’s licence, financial statements if you are self-employed, or your last two years personal tax return, your two most recent payslips and a copy of the Contract of Sale.
Show the additional sources of revenue and go for joint loans if needed.
Other sources of earnings like freelancing, stock investments, fixed deposits, mutual funds, rental income, and so forth, which are not included in your conventional monthly income, increase the likelihoods of your home loan getting approved.
Taking a combined loan with another applicant who is employed with a respectable monthly income improves your chances of getting a home loan approved instantly.
Pay attention to errors on your credit report.
It is advised to check your credit report and rectify any mistakes before you apply for a home loan. Any discrepancy in your credit report might result in unwanted delays and troubles.
Be prompt in responding to your bank.
It would help if you were punctual and attentive to avoid further delay in the loan disbursal procedure. Being irresponsible can also result in the rejection of your application.
A home loan is a great form of economic relief if you are short on money or are not wanting to liquidate your savings. With susceptible monthly instalments and the alternative to choose the repayment tenure at your amenity, PNB Housing Finance Ltd home loans enables you to make your vision of buying a home a reality!