Owning a house is not just one of the biggest financial decisions, but also a symbol of success and stability. A home loan is the only way for several home buyers to achieve this milestone. However, a delay in loan approval or disbursal can be challenging, especially for first-time buyers. According to experts, fast-track loan disbursement hinges not only on eligibility criteria but also on preparation, reliability, and timing.
"I believe that small steps make huge differences in guaranteeing quick approval," said Mukesh Pandey, Director of Rupyaa Paisa.
Here are some ways to fast-track your loan application:
1. Maintenance Good Credit Score
A lender looks first at a credit score. "A score above 750 signals responsible credit behaviour. Make sure your credit card bills and EMIs are paid on time consistently," Pandey said.
2. Keep All Documents Ready And Updated
Half the delays occur due to incomplete or incorrect documentation. Before applying, ensure you have your KYC, salary slips, ITRS, bank statements, and employment details in order.
3. Choose Right Lender Based On Eligibility
Instead of applying everywhere, research lenders who are more likely to approve loans for your income level, credit profile, or profession. Applying to multiple lenders simultaneously can hurt your credit score.
4. Avoid Job Hopping Before Applying
Having a steady employment record goes a long way. Lenders view someone employed for at least 6 months to a year in their current job as less risky.
5. Keep the Loan Amount Bearable To Repay
Over-borrowing raises red flags. Use a loan eligibility calculator to check how much you can actually afford based on your income and existing liabilities.
6. Apply Online For Faster Processing
Many banks and NBFCS offer faster approvals through digital channels. Online applications reduce paperwork and speed up verification.
7. Clear Outstanding Dues Before Applying
Clearing existing loans or credit card debts reduces your debt-to-income ratio, especially when the given loan amount is calculated at the time of approval, hence increasing the chances of acquiring the loa