What You Need to Know?

Plan and plan practically. Calculate the money you already have, and the money that you would be required to borrow. Once you have decided on the amount that you need to loan, go for pre-loan approval. Getting your loan pre-approved involves the least amount of risk. It keeps you away from all the stress that the procedure might involve

Apply for the loan. Banks might directly reach out to you for a pre-approved loan offer basis your transaction history. Or you might directly apply for a pre-approved loan. The only thing that you need to keep in mind should be to select ‘Property as unidentified’ while applying for the loan.

Keep your past records clear. A pre-approved loan is offered by the banks to individuals who have clear transaction history, clean track record of loan repayment in the past, or if the cash inflow and transactions in the salary accounts or the repayment track in case of credit card holders are positive.

Types of Pre-approved loans – Pre-approved loans could be secured or unsecured. This implies that you can get personal loan or credit card loan approved in advance; known as the secured loan, whereas unsecured loan approves car loans and home loans in advance. However, secured and unsecured loans both come with a time limit for you to accept them. Pre-approved loans come with a lesser rate of interest as compared to the others.

Documentation – Once all these things have been finalized, the banks would then ask for your documents, and would take the procedure to the last step. You would be required to submit documents like Identity proof, address proof, salary slips, income tax returns, bank statements, cheque for processing fee. The processing fee in such cases is non-refundable. The list of documents, however, varies for different individuals.

Negotiate – Pre-approved loans give a better chance of negotiation to the borrowers, because it shows the Builder or seller that the buyer is serious about the deal and would pay without any delay. In such cases, the banks would not take much time either, as only the processing of documents would be left.

Buying a home of your own is indeed a challenging task, for which you have ‘Your Finance Adviser’ to the rescue. We’re experienced home loan advisors who guide you in borrowing loan for your first home, assist you in investing, refinancing, mortgaging, and everything else that you might need.

To conclude, it is always better to play safe than to jump into the field without using the safety measures. Given above was all the information that you would need if you’re thinking of buying a home of your own. For further queries, you have ‘Your Finance Adviser’ by your side.