How to get your home loan approved


Is money standing between you and your dream house? A home loan at the lowest interest rate would be your answer?

These are some tips to get your home loan approved without a problem.

Maintain a good credit score
Any loan that you take, every credit card expenditure is recorded these days by banks and various agencies. One of them is CIBIL.


Whenever you approach a bank to take a home loan, the first thing the bank will do, is to look up your CIBIL score. If you have been repaying your loans regularly, the bank will be more than happy to evaluate you as a potential home loan customer.
You can apply for a home loan with any CIBIL score, but your home loan application is more likely to be approved if your CIBIL score is 725 or above.

Seek a home loan amount within your means
When you apply for a home loan, banks check your liabilities against your income and assets. This means, your income will be stacked against your EMI.


The bank will try to assess if you will be able to pay the EMIs regularly when you take this loan or if your commitments are too much already.
Your home loan application is more likely to be approved if your EMI will be 50-65% of your monthly income.

Choose a good property & builder
The property you choose to buy should be a good one for two reasons:
(a) For your benefit
(b) For easy loan approval



When you apply for a home loan, you offer the property papers to the bank as security. So the bank has to make sure this property can cover the loan, in case you default. Therefore, the bank will investigate the quality of the construction, the builder’s reputation etc. The bank will also investigate if the builder has taken all the required approvals from state and local authorities.
Your home loan application is more likely to be approved if the project has adhered to all state and central laws & regulations diligently.

Maintain a steady income
Your income will decide your eligibility. If you have a steady income and savings, the bank can rest assured that you will be able to pay your loans comfortably.



Your home loan application is more likely to be approved if you have a steady salary or business income. The best is if all shows in your ITR and bank account statements.

Well known employer
Your home loan is an arrangement between your bank and you for a period of 10-20 years. The bank is concerned with how you will continue to pay your EMIs.


So an important part of the investigation is where you are employed. While everyone has equal opportunity to apply for a home loan, the bank would like it better if they can be sure of your company, your job and your salary increments.
Your home loan application is more likely to be approved if you work with an MNC or a well- known organization..

Have savings of your own too
You can get a home loan up to 80% – 90% of the market value of your house. You will need to arrange the balance yourself. In addition to this down payment, there are other charges like registration, stamp duty, CERSAI, legal and valuation charges etc that will be due from your end.


All these are expenses you will have to bear. your bank will want to know that you can manage all these overheads.
Your home loan application is more likely to be approved if you have saved up enough to pay down payment of 10-20% and overhead charges. You should not be stretching beyond your means.

Complete application
Your bank will want as many details as you can provide. Whether you are salaried or self employed, you should make a case for your bank to approve your home loan. So provide the detail you can about why you are eligible for the loan and why you would make a good home loan customer. You should be able to back all the information



Your home loan application is more likely to be approved if your application is complete with all details of income, proofs, identity, address and property. 
Keep these factors in mind and go ahead and apply for a new home loan right away. Find out your eligibility and option for a new home loan and a balance transfer today!

Find out more about our Venkat Estates Apartments Near KR Puram : www.venkatestates.com

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