How to get easy sanction of easy home loan sanction , approval. Read here about top 9 point or things you must take care of before applying for home loan , easy approval, getting or sanction of home loan. Before granting home loan, banks investigate several aspects related to applicants. Credit history, profession, age, work experience, sources of income, repayment time etc are included into investigation. If you have detailed knowledge about loan approval process then you can reduce the chances of cancellation of your home loan application. So Masalaread.com is going to tell you about the this process which will make your job easier. If you take care of under mentioned points then it may help you in easy sanction or approval of home loan from bank.
how to get easy approval / sanction of home loan from banks
Here is are discussing some important steps or point you must take care before giving home loan application in bank. It may help you in getting easy approval or sanction of home loan from bank. it happens many time that you apply for home loan to your bank but bank cancel your home loan application. But after reading this article, you will get your home loan easily from bank if you take care of these important things
Credit History :
Banks prefer giving loan to the applicant with strong financial history. Financial history mean the past banking record. With credit history, bank check the record of previous loan payment details. If customer have not paid the past loan payment or credit card payment , bank gets this information from your credit history.
If your credit score is near 800 then it is a good score. Bank will loan you easily without hesitation. But if your credit score is less than 200 then it comes under bad credit score category. Bank may cancel your application if you apply. So it will be good for you to improve your bad credit score.
Business or Profession of Loan Applicant :
Banks also consider the profession of applicant. If you are in Government Jobs, banks will grant you loan easily. Beside government job, persons working in blue chip companies are also able to get loan easily. Bank do so to calculate the repayment ability of borrower. If you are in a private company but your repayment ability is good, bank will grant loan quickly. That’s why business or profession is considered by the banks for considering for loan.
Age of applicant :
Bank also consider the age of applicant before lending. It is key parameter in terms of lending. 30-35 years old age applicants are first choice of banks. It is assumed that these age’s persons are strongest financially. There is enough time left for them to work. Such people do the repayment of loan easily. Bank avoid lending to people of age more than 60 years.
Distance between branch and property :
Banks also takes care of distance of property from branch. If your property is inside the city or near to branch. Then bank consider the giving loan.Banks avoid giving loan if property is out of town or out of reach from branch.
Work experience :
When you apply for a loan in the bank, you are asked about work experience. For how many years working in the existing company. If you are working in a company for a long time, the bank will give you more points. But bank prefer to give loan firstly to those people who have long work experience in a company.
Alternative source of income :
Banks also see alternative source of income in addition to regular income before granting loan. If both husband and wife are employed then you are priority customer for bank. You can apply for joint loan and get large loan. Repayment potential also increases in join loan.
Repayment Time :
If you want to take a loan for a short time, the bank will give you Priority. Bank prefer giving loan to those person who apply for repayment in 5 year. If you apply for loan with 10 or 15 year repayment period then your points are reduced. 15 to 20-year repayment period is the last option. So you can easily take home loan by giving application for a short time.
Quick loan on Ready to move property :
Ready to move property help in fast sanction of loan against under construction company. The risk is greater in under-construction property so bank can refuse to give loans. However, in case of ready to move in property, bank has no objection in lending.
Relation with the bank :
If you already are connected with the bank in which you are applying for a home loan. Bank sanction the loan quickly. Bank see your previous record with their bank. If you have a bank loan and the repayment is on time, the bank gives you a loan easily.
So these are some points which are widely considered by bank before sanction of home loan or any type of loan to your. You must consider these points and try to strengthen your side for easy sanction of loan by bank. Any of the above point may spoil your banking record and you may have to face difficulties in getting home loan from banks.