Simplify the Process of Home Buying with Pre-approved Home Loans
If there’s one dream that all Indian adults have unanimously, then it’s, “owning a place to call home.” Yes, everyone wishes to have that dream home. Yet, unless you have unlimited funds at your disposal, then it isn’t possible to finance your home, out of your pocket. Home loans are the best option to take you closer to your dream house.
But, you would have heard that getting a home loan approved takes a long time. Worry not, there’s an easy way to help you out. Have you heard about pre-approved home loans? These are loans where your loan is sanctioned even before you decide on a property. Sounds brilliant, right?
So, let’s get started! Here, you can find all that you need to know about this loan type.
Pre-Approved Loans 101
- Basically, you get your loan sanctioned before you have finalized your property.
- Costs: The interest rates of pre-approved loans are lesser when compared to new home loans. However, just like regular home loans, preapproved loans have certain fees and charges. These charges aren’t refundable, meaning you can’t claim them even if your loan doesn’t get sanctioned.
- Floating Interest Rates – Generally, preapproved loans have floating interest rates, that is the interest varies throughout the tenure of the loan.
- Discounts – Most banks offer discounts on the interest rate for pre-approved home loans. Make use of these, to reduce the burden of your EMI.
- Disbursal of Loan Amount – The Loan amount is disbursed once you finalize on a property and submit the required property documents to your bank.
Benefits of Pre-Approved Home Loans
- Faster Loan Processing Time
They are a great way to quicken the loan approval processing. Getting a pre-approved home is quick, simple and hassle-free.
- Improves your Credibility with the Property Seller
Since you already have the means to finance the property; it improves your credibility and thereby offering you the upper hand when it comes to negotiating the final price of the property.
Some Common FAQs about Pre-Approved Home Loans
- Why should I choose Pre-approved over traditional, easy home loans?
Pre-Approved home loans have several advantages like lowered interest rates, fast processing, limited documentation, reduced property prices when compared to regular vanilla home loans.
- What are the documents required?
The documents vary from bank to bank and also depends on whether you’re a salaried professional or self-employed. However, the documents are more or less similar to that you submit when you apply for a home loan.
- What is the Validity Period for the Approval?
Once your pre-approved home loan is approved, you have to finalize on your property within a particular period, after which the approval becomes null. This validity period varies from bank to bank and can range anywhere from 1 month to 6 months.
Pre-approved Secured Home Loans are an easy way to fulfill your property wishes. So, visit your preferred banker to get started! You can also check your eligibility for loans offered by different banks on the comparison page of www.antworksmoney.com and apply for home loans online!
