Some Do’s and Don’ts for Your Home Loan Approval

Last Updated : April 5, 2016, 12:03 p.m.

In present market scenario and increasing property cost it is not easy to own a property in a metropolitan city. Buying a property and even finalising a property is tough job. It takes months to finalise a property, which is close to your dream home or same as you expected. Some people want to own a builder's flat and some prefer to buy a society flat, apartment or a budget home. The choices are many and the decision to finalise the best is really complicated. Similar to the property search, finalising a home loan lender is also a tough call. There are plenty of banks, financial firms and even private lenders, which might offer you a home loan, but choosing the right one is really important to stay happy even after borrowing the loan. Selecting the right lender is not just important with the view of getting the right deal, but it is also important to make the whole process simple and hassle free as well. If you are planning to buy a property in near future and not sure about how to crack this deal without any hassle, here we are discussing a few points with you for making your home loan approval journey smoother.

Do's for faster home loan approval

• Provide all necessary and important documents whenever asked by the bank
• Get ready with some basic and important documents for faster process
• Makes sure that all the quoted information is correct and authentic
• Keep all original documents handy
• Provide recent salary slips and latest bank statements
• Pay your credit card bills on time
• Make payments against any running loan on time
• Stick to your present job for the time being
• Provide all required bank statements and saving details
• If you are going to receive any funds from friends, family or from somewhere else do notify this to your lender
• Save some money in your account to show your credit worthiness
• Improve your credit history by making all credit card payments on time
• Metion any change in present address or change in permanent address to bank
• Also make declaration about your outgo under any policy premium, PPF, any other investments
• Ensure your bank details are updated
• Provide PAN card details to bank
• Try to close your unsecured loans first before applying

Don't for faster loan approval

• Don't close or open any new account or transfer huge funds without notifying your bank
• Avoid changing your job without knowing the impact of it on your loan application
• Don't stop using your credit card, use them wisely or minimise the usage to avoid over spending
• Don't over spend on credit card to increase your liability and financial burden
• Don't apply for a student loan, personal loan or any unsecured loan for the time being
• Don't buy or apply for a new credit card
• Don't change your bank account details without notifying it to bank
• Don't withdraw money with credit card
• Don't make any major purchase
• Don't apply for a loan for a disputed or unauthorised property
• Don't apply for a property older than 20 years
• Don't check your CIBIL score again and again
• Avoid applying to multiple banks for loan at the same time
• Don't apply to same bank before six months after rejection of your application
• Don't apply with a builder's property with negative image in market
• Don't change your mobile phone number/landline number without notifying this to bank