Which bank gives instant approval for home loans?

Most of the bank will give you instant sanction of Home Loan based on your Eligibility. This doesn’t mean you will compulsory that you will get a home loan for that property.

Home Loan Sanction means you are eligible for certain amount of Loan. During the sanction whey would check following things

  1. Your Salary
  2. Your age
  3. Your Existing EMI
  4. Your Credit score
  5. Your KYC

If all are in place, then banks you issue a Sanction letter. Then you can go with legality Check and technicality check of the property you have selected. If everything is clear then you would get a loan. In case any of it fails then you have sanction letter and you have 3–12 months validity based on bank. You can search for one more property and continue with the loan.

Banks also have a Pre-approved loan concept. Where in banks would issue a sanction letter and later you have certain time to finalize the property.

Advantage of Pre-Approval Loans is

  1. You get to know your Loan eligibility
  2. You reduce one step of loan before you finalize the property

Disadvantages of Pre-approval loans is :

  1. You have to pay the processing fee.
  2. It has 3–12 months validity so you have to finalize the property with in that span or else you need to submit all the documents again. Trust me selecting the first home is not so easy and not so fast unless you are lucky.
  3. Most of the case you might have to submit the KYC documents again.

I would recommend you check your eligibility on home loan comparison portals like LoanYantra | Get Home Loan Online and then you select the property. Instead of going for pre-approvals.

If you plan your loan well, you will be able to close it faster and home will be fully yours.

If you are looking for Home Loans and want right home loan fit for you and to plan it well to close fast then apply on LoanYantra | Get Home Loan Online .

If you already have existing home loans then to plan it well and close faster, then manage the loan on Loanyantra for free Home Loan Management Company India: LOANYANTRA

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.