Tips for a quick home loan approval

Tips for a quick home loan approval

Tips for a quick home loan approval

Despite of the fact that the process of sanctioning home loan in India has been rationalized at a large extent and it is no more of a tiresome process taking several months to materialize, the chances of delays or rejection of your home loan application cannot be ruled out.

Most of the times, these are trivial matters that delay your home loan approval; matters that you could manage easily! Here we suggest you a few tips following which you can not only enhance your loan eligibility but ensure a smooth disbursement of the loan, avoiding unnecessary hassles.

Tip#1: Use your good credit record

If you had taken any commercial or personal loan from a bank earlier and have a clean payment record, use it to your advantage. You can produce the bank certificate stating that all your dues were cleared. In case it is the same bank you had taken your previous loan then the chances are there that you get home loan at a lightening speed this time.

Similar is the case with the credit card payments. You can attach the records of your payments along with your home loan application to prove your credibility.

Tip#2: Proof of Income

As a primary requirement of submitting proof of income with an application of home loan in India, you have to produce your income tax returns of past 2-3 years duly filed with Income Tax authorities. Additionally, you can submit a salary certificate from your employer or salary slips of the past 3-6 months in case your income increased after the time of filing the return. So, manage for the same without waiting for the bankers word.

Tip#3: Valid proof of name change

In case you changed your name or surname, information in this regard should be published in a prominent newspaper/s as per state laws. You should also attach an affidavit of name change along with your home loan application.

Further if you are a woman applicant whose name changed after marriage, you should obtain the marriage certificate well before applying for the loan with the bank. There is no point in debating on your name-change by producing the marriage invitation card or similar credentials before the banker.

Usually, issuing of marriage certificate takes 7-15 days and thus you should not wait for the moment your banker asks for the same. So, manage the matter while you have time in hand.

Aditya Jaiswal, advisor of home loans for NRIs, is an associated editor with the site: http://www.guide2homeloan.com. The site is an online portal to provide home loan advice on home loans in India including types of home loans in India, home loan interest rates in India provided by home loan providers in India.