Property Tips: Get Home Loan Faster in 5 Easy Steps

With country's largest banks reduced their home loan interest rates by 0.15 per cent to 0.25 per cent, the time seems ripe to invest in a real estate property in India.

While many people are thinking to buy or invest in a residential property in Delhi NCR, they are still worry about the hectic bank procedures and formalities to avail a home loan. To prevent fraudulent activities and

cases of bad debts, banks have formulated strict guidelines to follow before lending to an individual. While you can't change strict procedures followed by the banks, there are still some ways that can improve your

chance of getting your loan approved without any hassles.

Below mentioned are the five things that can help you get home loan faster:

1. Save money to pay maximum down payment: If you're planning to buy a house or any other

residential property, you need to start saving your money as much as you can. Banks usually provide loans for 75-85 per cent of the total value of the house, but it is advised to pay 40 per cent of the total cost as

down payment in order to have less burden of monthly EMIs and interest amount. Also, the more amount

you pay to banks as down payment, more likely your loan gets approved faster from their end.

2. Get co-borrowers: If you feel the required loan amount is exceeding the limit banks decide on your current income, you can get co-borrower for your loan and increase your chances of getting the required

amount. Banks generally allow six co-borrowers for a home loan. Getting a co-borrower enables banks to

take into consideration the joint income of both the individuals while calculating the repaying power. It also helps banks to approve the loan faster as they feel it less risky to lend to people with better income

prospects.

3. Tidy up your bank account: Your bank account statement is the first thing that banks ask for while processing your home loan application. Ensure that you've cleared all your pending credit card payments and

other personal loans before applying for a home loan. Also, maintain a healthy balance at the end of each

month for at least six months prior to submitting home loan application to any bank. Banks consider it negative if you maintain a low balance at the end of every month and feel a home loan may put an

additional burden on you. Maintain a healthy bank account to prevent these misconceptions.

4. Have all your documents ready: Banks ask for various documents such as your identity proof, address

proof, proof of your annual income, bank statements, etc., before processing your home loan request. Keep

all your original documents and their photocopies ready to prevent any delays while applying for a home loan. Banks also ask for property related documents that include allotment letter or buyer agreement and

receipts of payment to the builder. If you've all these documents ready, there is hardly any reason that bank refuses to approve your home loan application. 5. Buy from a reputed builder: This is a very important point which many people ignore while planing to buy or invest in a real estate property. Banks do check and verify the property for which they are granting

home loan. The property is the only asset that banks can claim in the rare cases when a borrower won't be

able to pay back the loan amount. Banks approve home loans faster for properties which have better reselling value and located at prime locations. It is therefore advised to buy or invest in a property offered by

reputed builders only.

In case you're also planning to buy or invest in a residential property in Delhi NCR, we would like to

recommend you 'The Aranya' project offered by Unnati Fortune Group in Noida. The Aranya is a premium residential project that offers great connectivity to Delhi and Gurgaon, and equipped with all the modern

amenities and world-class infrastructures. Unnati Fortune Group is a leading real estate company in Delhi NCR, known for providing best infrastructure designs and environment-friendly constructions. You can read

more about the company and the projects it offers by clicking on http://www.unnatifortune.com/the-aranya