Pre-approved property loan: The gift that keeps on giving
The biggest challenge associated with acquiring any loan, be it personal or property is the approval process. Most financiers follow a stringent approval policy and verify the borrower’s credibility in every possible way before they sign off on the loan.
A pre-approved loan is the process of getting yourself verified as a suitable candidate for the loan. Once you are approved for a loan, the rest is easy since the lender has already judged your repayment capabilities. There are a lot of advantages of a pre-approved property loan that can make your search for the required funds more fruitful. NBFCs like Bajaj Finserv offer Business Loans with features like online account access and part prepayment facility.
Here’s what your ideal financier would look for, while offering you a pre-approved loan, a pre-approved property loan, or a pre-approved loan against property-
- Proof of Income: One of the most important documents to verify whether a borrower would repay the loan in time is their proof of income. A genuine document that contains all the necessary details about your source of income and other details will work wonders for getting your loan pre-approved.
- Proof of Assets: A document that holds a detailed account of all your assets, be it short-term or long-term is also required for the pre-approval process.
- A Favourable Credit Score: This is something that should definitely be on your radar if you are looking to get a pre-approved loan. A good credit score will boost the lender’s confidence regarding your ability to pay back the loan.
- Employment Verification: Another important thing to keep in mind while looking for a pre-approved loan is verifying your employment status and providing documents that support the same.
Now that you are familiar with the pre-approval process, let’s take a look at the advantages of a pre-approved property loan:
Helps Find Your Dream House
Most property sellers are particularly strict about the buyer having a pre-approved loan before they even consider selling. Without a pre-approved property loan the sellers won’t take you seriously and might not even show you the property. Get your loan approved and purchase the house you fall in love with without any unnecessary hassle.
Once you have a pre-approved home loan, there are a lot of property buying options open for you and since you know your exact budget, your search can be significantly narrowed down. This not only gets you the best property but also saves the precious time you would have otherwise lost on property-hunting.
With the confidence you get from having a pre-approved property loan, you can negotiate freely with the buyer, without worrying about losing the property. Once your loan is approved, property sellers are likely to be willing to give you your dream home for less than the list price because you have the financier’s stamp of approval and the necessary finances at your disposal.
Quicker Loan Disbursement
Once the formalities of approval are over, the loan disbursement process doesn’t take too long. Banks will be more willing to offer you a loan if you are already pre-approved, and will quicken the process of sanctioning the loan. This also ensures that you don’t miss out on some great property while waiting for an approval.
Getting a loan approved opens a lot of doors for the buyer and should be a priority for you as a borrower. Financiers like Bajaj Finserv offer Home Loans with part prepayment facility and nil foreclosure charges. You can also opt for a Loan Against Fixed Property by Bajaj Finserv that offers benefits like online account access and Flexisaver facility.