Property prices have increased considerably over the recent past, which in turn, has made it impossible for homebuyers to afford to buy homes by paying their entire cost in one go. These days, most homebuyers opt for a Home Loan to finance real-estate purchases. Home Loans are big-ticket and long-term loans that are sanctioned at a low rate of interest. The low interest rate and the long tenor involved make it possible for Home Loan borrowers to repay the loan in the form of affordable EMIs over a suitable period.
When borrowers get a Home Loan, they essentially get up to 90% of the value of a home as a loan. The remaining amount, known as the down payment, is arranged by the homebuyer and establishes a stake of the buyer in the property. Home Loans are paid in the form of EMIs, which constitute a principal component and an interest component. As time advances, the principal component of the Home Loan goes up and the interest component goes down. Borrowers are advised to use a housing loan eligibility calculator to figure out the housing loan amount they qualify for and an EMI calculator to work out their EMI obligation for each month and plan loan repayment.
The online Home Loan application process has made it possible for borrowers to apply for a housing loan while sitting within the comfort of their homes. However, Home Loan approval does not come easy and not everyone who applies for a loan gets approved for one. If you want to get approved for a Home Loan instantly, make sure you meet the eligibility criteria set by lenders.
What are the Eligibility Criteria to Avail of a Home Loan?
If you want to experience instant Home Loan approval, make sure you meet the following qualifying conditions.
- To start with, you must be a residing citizen of India. If you are salaried, you must be aged between 23 and 75 and if you are self-employed, you must be aged between 25 and 70. Please note that the eligibility requirements for a Home Loan vary from lender to lender and therefore, Home Loan borrowers are advised to go to their chosen lender’s website and see their age requirements for a Home Loan before beginning the Home Loan process.
Note: The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
- If you want to get Home Loan approval quickly, make sure your credit score is at least 750. A good CIBIL score, i.e. anything above 750 indicates high repayment capacity and creditworthiness and thus, borrowers with such a CIBIL score get instant Home Loan approval.
- Your lender will also require you to submit certain KYC and income-related documents. PAN card or Form 60 are mandatory documents. These documents will help them establish your identity as well as verify your income to make sure you can repay the loan you want to avail of. So, keep all the documents ready to experience a hassle-free Home Loan process.
Step-by-Step Process on How to Get a Home Loan
If you are planning to get a Home Loan, you must familiarize yourself with the Home Loan process and the steps involved.
- The first step in the Home Loan process is doing thorough market research and figuring out which lender would be the ideal choice for you.
- The next step would see you making a loan application. These days, borrowers can apply for a housing loan online or make an application in person by visiting their lender’s office.
- Once you have made an online application, your lender will take a call on your application. If they think you will be able to repay the loan on time, they will take the process one-step further and ask you to submit all the documents needed for Home Loan processing.
- Once you have submitted all documents, wait for the lender to verify these documents. Once the housing loan verification is complete, your lender will release a sanction letter which will contain details of the loan, including the Home Loan interest rate offered to you, the tenor you are being offered, etc. If you agree with the terms and conditions mentioned in the sanction letter, sign the letter and send it back to your lender.
- Pay a one-time loan processing fee and wait for the legal and technical check to get over.
- Finally, sign the loan agreement and wait for loan disbursal.
Tips on How to Get a Home Loan Approved Instantly
If you are applying for a Home Loan, it is quite likely that you would want to get the loan money in your account as soon as possible. Here are a few tips that will help you experience instant Home Loan approval.
- To start with, if you want to be approved for a housing loan instantly, perform a CIBIL score check before beginning the Home Loan application and apply for a loan only if your CIBIL score is 750 or above. Such a score indicates high creditworthiness and repayment capacity. Borrowers with such a credit score, therefore, get approved for a loan instantly.
Also Read: Tips to Maintain Your Business CIBIL Score Above 700
- To experience quick Home Loan approval and a hassle-free loan process, keep all the documents ready with you. All lenders mention the list of documents they need for loan processing. Go through this list and keep all documents ready with you if you wish to be approved for a loan quickly.
- Make sure you meet the Home Loan eligibility criteria set by your lender. If you do not meet your lender’s eligibility requirements, your loan application will get rejected almost immediately.
- Use a Home Loan EMI calculator to work out the loan amount you qualify for. Apply for an amount equal to this amount or something lower than this to experience quick Home Loan approval.
- Make sure your debt-to-income ratio is not over 40%. In other words, make sure no more than 40% of your total income is going towards covering loan EMIs and credit card bills. Lenders do not want to sanction a loan to borrowers with a higher debt-to-income ratio and therefore, if your debt-to-income ratio is high, your loan application may get rejected.
- If you have too many loans running at the same time, try and clear a few loans. This will bring down your debt-to-income and lead to instant Home Loan approval.
- If your Home Loan eligibility is low, add a co-borrower to enhance your chances of loan approval.
Final Words
Getting approved for a loan is not as hard as it seems. Simply follow the tips mentioned in this article and Home Loan approval will come easily.
*Terms and conditions apply.
Also Read: How to Calculate Home Loan EMI
DISCLAIMER:
While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.
Content with tag .
Trending Articles
home+loan Home Loan
[N][T][T][N][T]
Is It Mandatory to Take Insurance with a Home Loan?2023-08-01 | 5 min
home+loan Home Loan
[N][T][T][N][T]
How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Understanding Stamp Duty and Property Registration Charges2022-06-29 | 5 min
home+loan Home Loan
[N][T][T][N][T]
How to Pay Off Your Home Loan Quicker2022-06-29 | 6 Min
home+loan Home Loan
[N][T][T][N][T]
How Digital Platforms Are Revolutionising the Face of Housing Finance2023-02-02 | 7 min
home+loan Home Loan
[N][T][T][N][T]
Advantages of Including a Co-Applicant on Your Home Loan2023-02-21 | 7 min
home+loan Home Loan
[N][T][T][N][T]
How to Connect with Bajaj Housing Customer Care2023-06-27 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2023-02-16 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Secured vs Unsecured Loan - Know the Difference2023-08-24 | 2 min
home+loan Home Loan
[N][T][T][N][T]
Common Mistakes to Avoid When Applying for A Home Loan2023-08-10 | 2 min
home+loan Home Loan
[N][T][T][N][T]
How to Choose the Best Home Loan?2023-08-09 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Pros and Cons of Taking A Joint Home Loan with your Spouse2023-08-10 | 7 min
home+loan Home Loan
[N][T][T][N][T]
Making Financial Planning Easy with Home Loan EMI Calculator2023-09-06 | 2 min
home+loan Home Loan
[N][T][T][N][T]
Difference Between Bank Rate and Repo Rate2023-09-22 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Increase or Decrease Effects of Repo Rate2023-08-29 | 7 min
home+loan Home Loan
[N][T][T][N][T]
Difference Between Co-owner, Co-borrower, Co-Applicant, and Co-Signer in Home Loan2023-08-31 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Understanding the Benefits of a Home Loan EMI Calculator2023-07-12 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What Happens If Home Loan EMI Bounces? Know the Consequences2023-07-11 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Tips to Avoid Rejection of Your Home Loan Application2023-08-01 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Check Housing Loan Eligibility with Home Loan Eligibility Calculator2023-07-12 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Advantages for First-Time Home Buyers2023-07-14 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Tips to Get Home Loan with Minimum Down Payment in India2023-07-11 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What is the Ideal Down Payment for a Home Loan?2023-06-16 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Factors That Determine Your Home Loan Eligibility2023-07-24 | 8 min
home+loan Home Loan
[N][T][T][N][T]
What Is Home Loan Eligibility and How Is It Calculated2023-07-11 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Differences Between Repo Rate and Monetary Policy Tools2023-07-28 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What Happens to a Home Loan in the Case of the Borrower's Death?2023-04-17 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Taking a Home Loan to Buy a Property for Investment? Here Are 5 Points to Consider2023-04-17 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Should I Apply for a Pre-Approved Home Loan or an After Property Finalisation Loan?2023-03-23 | 5 min
home+loan Home Loan
[N][T][T][N][T]
5 Great Ways Women Can Benefit from Taking a Housing Loan2023-04-25 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
home+loan Home Loan
[N][T][T][N][T]
A Complete Guide for Home Loan Insurance2023-04-03 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Know All About the HRA Benefit on Payment of House Rent2023-04-03 | 6 min
home+loan Home Loan
[N][T][T][N][T]
How to Determine Your Ideal Credit Score for a Home Loan?2023-03-30 | 4 min
home+loan Home Loan
[N][T][T][N][T]
What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2023-02-15 | 6 min
home+loan Home Loan
[N][T][T][N][T]
A Guide to Statutory Liquidity Ratio2023-02-22 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Get Your Down Payment Funds Ready with These 5 Easy Steps2023-03-20 | 5 min
home+loan Home Loan
[N][T][T][N][T]
5 Strategies to Manage High Home Loan EMIs Effectively2023-02-22 | 6 min
home+loan Home Loan
[N][T][T][N][T]
5 Tips for Lowering Home Loan Interest Rates in 20232023-03-28 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Why Is Credit Score Important for Home Loan Lenders?2023-03-21 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Importance Of a Good Credit Score in The Home Loan Process2023-03-20 | 4 min
home+loan Home Loan
[N][T][T][N][T]
How Do You Overcome Home Loan Repayment Burden?2023-02-13 | 2 min
home+loan Home Loan
[N][T][T][N][T]
Difference Between Home Loan and Personal Loan: Which is better?2023-02-09 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan EMI Calculator Benefits and It’s Features2023-02-21 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Everything You Need to Know About Top-up Loans on a Home Loan2023-02-20 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Why Paying Home Loan EMI is Better Than Renting a Home?2023-02-20 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Should You Take a Home Loan Even If You Have Enough Money to Buy a House?2023-01-30 | 3 min
home+loan Home Loan
[N][T][T][N][T]
4 Key Benefits of Home Loan Balance Transfer to Bajaj Housing Finance Limited2023-01-09 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Best Credit Score for Home Loans & How to Improve Yours2023-08-31 | 6 min
home+loan Home Loan
[N][T][T][N][T]
How Can Your Credit Score Impact Your Home Loan Interest Rate?2023-02-17 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Section 80 EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Ways to Check Bajaj Housing Loan Account Numbers2023-01-19 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Benefits of Submitting a Digital Home Loan Application in Current Times2023-02-17 | 4 min
home+loan Home Loan
[N][T][T][N][T]
10 Smart Steps for Effective Home Loan Management2023-02-17 | 5 min
home+loan Home Loan
[N][T][T][N][T]
10 Factors That Affect Your Home Loan Eligibility2023-01-09 | 7 min
home+loan Home Loan
[N][T][T][N][T]
What is Foreclosing a Home Loan? These are Some of the Do’s and Don’ts2023-01-17 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Are Registration Charges Compulsory When You Opt for a Home Loan?2023-02-10 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What Are the Pros and Cons of Home Loan Balance Transfer?2023-02-01 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Five Important Factors to Keep in Mind When Prepaying Your Home Loan2023-01-17 | 6 min
home+loan Home Loan
[N][T][T][N][T]
A Step-by-Step Guide to Home Loan Balance Transfer Application2022-12-20 | 6 min
home+loan Home Loan
[N][T][T][N][T]
How to Get a Better Interest Rate on Your Home Loan2023-01-04 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Importance of an NOC Letter after Closing Your Home Loan2022-12-12 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Factors to Consider Before Opting for Home Loan Balance Transfer2022-12-14 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Top Things to Keep Track of While Doing a Home Loan Balance Transfer2022-12-18 | 7 min
home+loan Home Loan
[N][T][T][N][T]
All You Need to Know About Home Loans2023-01-19 | 5 min
home+loan Home Loan
[N][T][T][N][T]
What Is a Pre-Approved Home Loan and How Should You Get It Done?2023-11-15 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan vs Loan Against Property: A Complete Comparison2023-11-29 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Hybrid Flexi Loan vs Personal Loan: Which one is Better?2023-06-30 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Understanding Loan-to-Value Ratio (LTV) and its Calculation2023-11-28 | 4 Min
home+loan Home Loan
[N][T][T][N][T]
A Complete Guide on the Benefits of Joint Home Loan2022-11-16 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Smart Things to Consider Before You Apply for a Home Loan2022-12-14 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Can I Take a Home Loan and a Personal Loan Together?2022-12-13 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Common Myths About Home Loans: All You Need to Know2022-12-15 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Factors to Consider Before Applying for a Home Construction Loan2022-12-02 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Know All About the Home Loan Foreclosure Procedure2022-11-16 | 5 min
home+loan Home Loan
[N][T][T][N][T]
6 Point Differentiation Between Home Loan Vs Home Construction Loan2023-02-15 | 6 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan Balance Transfer: Benefits, Eligibility, and More2023-10-14 | 3 Min
home+loan Home Loan
[N][T][T][N][T]
Consider These Factors Before Foreclosing Your Home Loan2023-09-29 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Complete Guide to Securing a Attractive Interest on Home Loans2023-10-31 | 3 min
home+loan Home Loan
[N][T][T][N][T]
All You Should Know About Home Loan Disbursement and Sanctioning Process2023-06-23 | 3 Min
home+loan Home Loan
[N][T][T][N][T]
What Affects the Interest Rate on Your Home Loan2023-11-06 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Differences Between Fixed and Floating Interest Rates2023-06-27 | 2 min
home+loan Home Loan
[N][T][T][N][T]
7 Common Problems You May Face While Applying For Home Loan2023-10-16 | 7 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan Burden Management: Five Tips2022-06-27 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Which is the Best Option: Land Purchase Loan or Home Loan?2023-02-01 | 6 min
home+loan Home Loan
[N][T][T][N][T]
10 Reasons Why a Housing Loan Application May Be Rejected2023-02-20 | 3 min
home+loan Home Loan
[N][T][T][N][T]
How to Access Your Login Details in Bajaj Customer Portal?2023-02-02 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Home Loan Refinancing: What, Why, and Things to Remember2022-06-16 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
Why Should You Choose a Balance Transfer on Your Home Loan?2023-02-01 | 4 min
home+loan Home Loan
[N][T][T][N][T]
What Factors Decide Your Home Loan Interest Rates?2023-05-29 | 6 min
home+loan Home Loan
[N][T][T][N][T]
All About Home Loan Balance Transfers2022-06-22 | 4 mins
home+loan Home Loan
[N][T][T][N][T]
An Essential Guide to Refinancing a Home Loan2022-06-15 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
6 Ways to Reduce Your Home Loan Interest2023-01-26 | 4 min
home+loan Home Loan
[N][T][T][N][T]
What Is an NOC Letter And Why Is It Important?2022-06-07 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Types of Home Loan Charges2022-06-27 | 3 Min
home+loan Home Loan
[N][T][T][N][T]
What are the Different Types of Loans Available in India?2022-06-28 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
How to Calculate Home Loan EMIs2022-06-14 | 5 Mins
home+loan Home Loan
[N][T][T][N][T]
Home Loan Terminologies2022-06-14 | 3 min
home+loan Home Loan
[N][T][T][N][T]
Get a Home Loan Without Visiting Branch: A Step-by-Step Guide2023-02-08 | 4 min
home+loan Home Loan
[N][T][T][N][T]
Top 5 Home Loan Benefits for First-time Woman Buyers2023-07-24 | 5 min
home+loan Home Loan
[N][T][T][N][T]
Would it be Possible for Me to Apply for a Second Mortgage?2022-06-27 | 3 min
home+loan Home Loan
[N][T][T][N][T]
The Importance of a Home Loan NOC2023-01-31 | 7 min
home+loan Home Loan
[N][T][T][N][T]
How to Check Your Bajaj Housing Finance Home Loan Status2022-06-22 | 4 Min
home+loan Home Loan
[N][T][T][N][T]
Five Tips to Choose the Right Digital Platform for Home Loans2023-02-09 | 3 min
home+loan Home Loan
[N][T][T]Types[S]of[S]Home[S]Loans[S]Available[S]in[S]India[N][T]
Types of Home Loans Available in India2022-06-28 | 5 Min
home+loan Home Loan
[N][T][T][N][T]
How to Pick the Best Home Loan Tenor that Suits Your Budget