A home loan is a secured loan that expects the borrower to keep collateral with the lender. However, the indemnity in the case of the home loan is the house itself for which the loan is leased.
In case someone is unable to promptly pay back the home loan, the lender has the liberty to acquire the estate.
Everyone dreams of having their own house with big rooms and free themselves of the monthly rent.
This can easily be done with the personalised home loans offered by PNB Housing Finance Ltd.
Even if you have enough reserves to purchase a house.
A home loan from PNB Housing Finance Ltd offers advantages such as guaranteeing enough liquidity, saving tax and the chance to let your funds grow.
Therefore, here are a few easy tips that you can follow to get your home loan approved instantly:
1. Evaluate your economic condition
You should know whether you have the required finances to repay the loan along with interest timely.
Nowadays, the home loan interest rate starts at approximately 6.65% for most banks, including PNB Housing Finance Ltd.
You should pay your monthly installments on time to avoid any hardships in the near future.
2. Use the co-applicant feature
You can reasonably improve your odds of getting your home loan application approved if your partner is also earning a decent income.
If the net income is significant, the bank or the lender knows that you are capable of paying the loan back on time.
This will help you if your income alone is not sufficient and will facilitate you to qualify as an eligible borrower.
3. Pay higher down payment
Try to pay at least 20% of the total cost of the house as a down payment.
The less money you borrow, the lesser you will have to repay.
It might also result in a lower interest rate, and the lenders will then treat you like a client who does not pose any threat to their finances.
4. Be careful with the application form and other important details
One of the worst reasons for getting your application dismissed would be filling the form in the wrong way.
Paying attention to the minor details and attaching the correct documents will not only help you to get your home loan approved instantly.
But also protect you from any formidable hidden clauses which might land you in trouble in future.
5. Maintain a good credit score
Many lenders and banks check your credit score before granting you the loan you have asked for.
The credit score acts as a certificate of your punctuality, capability and how good you are with investments.
To have a decent credit score, you should have all the previous debts cleared, and your credit card due should not be unpaid.
Having a clean financial record will boost your credit score and, in turn, enable you to get the home loan approved instantly.
Commonly speaking, it takes between four to six weeks from submitting your application to settling on your estate, banking on the province in which you reside.
But, if you follow the extremely beneficial and effective guidelines given above.
PNB Housing Finance Ltd promises to give you the desired amount of home loan approved in no time.