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Home Loan

Buying or constructing a house is one of life’s finest dreams. With real estate prices at never seen before levels, this is the best time to fulfil your housing dreams.

However, the cost of purchasing or constructing a house can be well beyond a borrower’s financial capacity, which is why they apply for a home loan to get the funds at attractive terms. The real estate sector is dynamic, and there is no guarantee that the price you see today will remain the same tomorrow. Hence, time is of the essence.

Read on to know about the things you should do to secure instant approval of a home loan, and book a property quickly.

Check Your Income

As home loan repayment term can go up to thirty years, lenders always prefer borrowers with a stable income source. Ideally, you should not apply for a home loan amount whose EMI exceeds 50% of your net monthly income. For example, if your monthly income is INR 50,000, it is better to keep the EMI below INR 25,000. The lower the EMIs, the better the repayment capability. Hence, to ensure a quick home loan approval, you should aspire to keep the EMIs below 50% of your net monthly income.

Increase the Down Payment Amount

Generally, lenders require a 10% down payment amount from the borrower. This is done to minimise the chances of a default. However, if you want to increase your chances of instant home loan approval, pay more than the minimum. Some borrowers pay up to 30% of the loan amount as the down payment. Paying more initially will bring down the EMI amount and assure the lender that the chances of default are minimal. Hence, when you submit the documents required for home loan, you may expect instant home loan approval.

Keep an Eye on the Credit Score

The credit score speaks volume about your financial profile. It is a summary of your financial portfolio. If your credit score is high, the lender assumes that you will take loan repayments seriously. Hence, before submitting the documents required for home loan, you should check your credit score and increase it, if the score is below 800. You can still apply for a home loan if the score is below 800, but get ready to pay higher EMIs.

Apply With a Relative

A better way to get instant home loan approval is to apply with an applicant whose loan eligibility is high. Sometimes, it is difficult to convince the lender when you are applying alone. However, if you add another applicant to your home loan application, the lender clubs the applicants’ income and determines the loan amount and interest rates. Hence, you can add a relative with a stable income source and high credit score to get instant home loan approval.

Organise the Documents Required For Home Loan

Arranging the documents required for home loan in order can save your time. Ensure that you fill the application form correctly and attach the latest photograph. Additionally, you may need to submit documents related to age, address, and income proof. Before applying for a home loan, contact the lender and get a list of documents. Inform the lender if you do not possess a specific document. Such measures can hasten the process of loan approval.


A home loanis easy to apply and quick to process. Following the tips mentioned in this article can quicken the process and help you fulfil your housing dream faster.

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