Few Advantages of a Pre-Approved Home Loan

Buying a house is one of the main priorities of every man’s life. It is one of the biggest assets, if not the biggest one, which a man can own. The soaring prices of real estate along with other living costs have made actualizing this dream into a reality very difficult for most people. However, home loans have made this task slightly easier than it was before.

Home loans allow you to borrow a certain sum of money for a fixed period of time keeping some security as deposit. More often than not, the concerned bank looks at one’s previous credit history and salary record and pre-approves a certain amount of money as a startup for home loans. This has a few advantages, some of which are listed below:

  • Processing Time

Getting a loan is a tedious process. The documentation along with approval takes a while before it is processed. However, in the case of a pre-approved home loan, the time taken for this process is reduced drastically. The sanction time is reduced to a third of what it takes a regular loan which is why it is sensible to get a home loan pre-approved from the bank.

  • Negotiation

Buying a home is a long and arduous affair. However, after finalizing on the property, the acquisition time can be reduced with the help of a pre-approved home loan. This gives the builder confidence that you are indeed very interested in buying the property and he helps you do so at the earliest.

  • Consultant’s job

Real-estate agents may often not be very efficient in doing their work. However, when they see somebody with a pre-approved loan, they are confident about the person’s will in purchasing a house, which in turn makes them proactive to do their job. This is beneficial both for the estate agent and you.

Many banks and finance institutions provide online application form for the home loans which is the first step towards home loan process. One can download loan application form online through PNBHFL, ICICI bank etc. and can get instant loan e approval or sanction letter.