6 Ways to Ensure PNB Housing Loan is Approved Faster
5 Dariya News
31-Jul-2022
Are you facing pressure for a new and bigger home for your growing family? A secure, spacious, and comfortable settling place is among the biggest achievements you can make.
However, owning your dream home may be a challenge due to the huge cost of a home. But with a home loan, you can construct or buy a ready-built house of your choice.
Today, it has become easy to apply online and have your loan approved within the shortest time possible. Once you meet the eligibility criteria and submit the required documents like income proof, address, and identity proof, processing your loan takes a few days.
Remember, any mistake can delay PNB housing loan processing or lead to rejection, which hurts you in the long run. You can use the steps below to enhance home loan approval and disbursal.
6 Effective Tips to Ensure Faster Home Loan Approval
Build Your Credit Score before Applying
Every institution offering a credit facility will consider your CIBIL score. A high credit score gives your lender confidence about your loan repayment ability. Your loan is likely to be approved faster when you have an impressive credit score than a low CIBIL score. Remember, the interest rate also differs depending on your credit score.
You'll get the PNB housing loan at the lowest interest rate with a credit score of 800 and above, reducing the payable cost of the loan. So, if you plan to get a home loan soon, begin building on your credit score by timely repayment of an existing loan.
Also, never default on credit card bills to keep your CIBIL score high. In addition, avoid too many ongoing loans. You can also close a couple of loans before applying for a home loan, enhancing quicker approval.
Clear Credit Report Errors
When did you last scrutinize your credit health report? Credit bureaus generate your credit report and may have errors misreported by lenders. Get the latest copy of your credit report and scan it to ensure no missing or wrong information.
Contact the credit bureau for corrections if you find any credit report errors. Remember, PNB housing Loan Corporation checks credit score and applicant's credit report before sanctioning home loans. Therefore, keep your credit report error free to enhance faster loan approval.
If you are confused, you can look at PNB Housing reviews to make a better decision.
Go for a Long Tenure Loan
If you apply for a home loan with a long repayment period, the equated monthly installment payable goes down, reducing pressure on your monthly budget.
In addition, small EMI and longer loan tenure minimize the chances of default on monthly EMIs. You can apply for a long-tenure loan and make part-repayments if you get surplus money to close your loan ahead of the repayment period.
Make the Right and Correct Documentation
Your loan application will be rejected or delayed if you lack the required documents. The PNB housing finance corporation expects you to submit proof of income, identity, and address when applying for a home loan.
You may provide a PAN card, driving license, bank statements, salary slips, and IT returns to confirm your address, identity, and income, making loan approval faster.
Get a Co-applicant
You enjoy a higher chance of loan approval if you apply jointly with your spouse or family member. A co-applicant means two incomes to service the loan, hence low chances of repayment failure.
You'll also qualify for a higher loan amount when you go for a joint loan since it indicates a higher repayment capacity.
Choose a Reputable Property Developer
If you aren't buying a ready-built house, picking a trusted developer can lead to quick loan approval. PNB Housing Finance Corporation deals with registered and reliable developers.
A good developer increases the chances of timely project completion with no legal tangles.
Conclusion
Owning a home has an emotional investment other than a financial transaction. Before you tender your home loan application, use the above tips to enhance faster approval and processing of your loan. Include a co-applicant, build your credit score, and get a reputable developer and proper documentation to avoid delay or rejection of your application.