For first-time home-buyers, the prospect of buying a home can be very cumbersome and add to that the burden of getting a Home Loan. In case of some lenders- after a tedious process for applying, applicants may have to wait for a long time to receive approval. If you are looking to buy a home of your own through a Home Loan in Delhi, these are the points you should look into for a quick and hassle-free approval:
Checking the Valuation
Lenders always tally the loan amount applied for with the market value of the property. This is done to ensure easy recovery of the loan amount in case of failure in repayments. Hence, cite a practical Home Loan amount.
Controlled Debt Dependence
Home Loan borrowers should make sure to avoid unnecessary loans and keep a tab on their credit card spendings- this will help you to improve your credit score and credit report and thereby ease the approval process.
When planning to buy a home, prospective buyers need to begin saving for the downpayment on the property as banks/NBFCs will finance 80-90% of the cost.
A pre-approved loan offer means lesser headaches for the applicant- he/she will only have to submit a few basic documents to seal the deal.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.