What is the average processing time of Home Loans?

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In India, people consider buying a home as a milestone. A house holds immense emotional and monetary significance. It is also an investment that possesses incredible appreciation potential. Earlier, very few individuals realised their dream of buying a home, given limited financing. However, you can now buy a home thanks to easily available and affordable financing options by banks.

A Home Loan is an incredible financing option to explore. You can apply for an amount of up to Rs. 5 crore at a competitive interest rate for a maximum tenure of 30 years. You can repay the amount in equated monthly instalments as per your affordability. You can apply for the Loan with any preferred bank, offline or online.

How long does the Home Loan application process take?

The Home Loan application processing depends on the length of the application procedure and your Loan eligibility. Banks have curated a simple application procedure which you can complete within a day or two. Furthermore, the bank considers your eligibility for Loan approval. Ensure you meet all eligibility requirements to enjoy a quick and hassle-free approval. The Home Loan application involves the following steps:

  • Fill out the application form: Fill out the Loan application form. This form needs you to mention your personal and financial details. If you apply for a Home Loan with a co-applicant, they need to fill out the application form.
  • Document submissions: You need to submit a set of documents to apply for a Home Loan. Learn about your preferred bank’s document requirements and gather them. You can submit a copy of these documents at the nearest bank or upload scanned copies on online platforms.
  • Wait for verification: After filling out the Loan application form and documents, the bank takes a reasonable time to verify your details. They may reach out to you if they need additional documents for verification. Upon successful verification, the bank extends a suitable Home Loan amount and interest rate
  • Disbursement: You can expect the Loan amount to be disbursed within a few days of Loan approval. The bank provides a cheque to credit the amount to your linked Bank Account for seamless and secure disbursal.

How to fast-track the Home Loan application process?

Following are practical tips and tricks to fast-track your application process:

  • Meet the eligibility requirements: Improve your eligibility as it helps you sail through the Loan approval and enjoy competitive Home Loan interest rates. This makes your repayment affordable
  • Cross-check details and documents: As mentioned, the bank verifies your details and documents for approval. Provide accurate details and valid documents to facilitate a quick Loan approval.
  • Apply with reasonable time handy: Start your Home Loan procedure prior to avoid last-minute hassles.