How to Get a Home Loan

Step-by-step Process to Get a Home Loan Through Moneyview

If you have been searching for ‘how to get a home loan’, we have got you covered. Follow the steps mentioned below -

Step 1: Download Moneyview

Register on the Moneyview website or download the app and enter the following details:

• Purpose of availing of the loan

• Property PIN code

• Estimated cost of the property

• PAN card details

• Email address

• Current residential PIN code

• Income details

Step 2: Select a Loan Plan

Once you enter the details, the loan amount for which you are eligible will be displayed. Use the slider to select the amount of money you want and click ‘Submit’.

Step 3: Document Submission

After you submit the application, a customer support representative from the lender will call you. You will be asked to submit soft copies of documents to further assess your eligibility. 

Lenders generally verify the following documents:

• PAN Card.

• Aadhar Card / Voter card

• Income document (salary slip if available)

• 12 months bank statement.

• ITR.

• Property papers on own/immediate family member's name (if applicable)

Step 4: Site Visit and In-Person Discussion

In this step, the lender will schedule a visit for legal and technical verification. After the visit, your lender can take anywhere between 24 hours to a few working days to verify your documents and get back to you.

Step 5: Loan Approval and Disbursal

In this step, the lender will start the approval process. 

Once approved, the lender will sanction the loan amount and provide a sanction letter. The sanction letter will include information like loan amount, interest rate, and other relevant details.

Finally, the sanctioned amount is credited to your bank account.

Tips to Get Your Home Loan Approved Faster

Typically, home loan approval takes between 30 to 60 days. Here are some tips to make sure your home loan gets approved as soon as possible:

• Keep your credit score above 730

A high credit score speeds up approval as it shows lenders that you have a strong repayment history and are less likely to default. Applicants with scores above 730 often get quicker verification, lower interest rates, and fewer document checks.

• Keep your total EMI obligations at 50-60% of your monthly income

When you apply for a loan, banks check how much of your income is already going towards existing EMIs. Keeping your total EMI burden below 50-60% shows that you have good repayment capacity.

• Compare home loan offers from various lenders

Different lenders have different eligibility rules, processing times, and interest rates. You can compare offers and choose lenders that are known for faster approvals.

• Make a larger down payment

A bigger down payment lowers the Loan-to-Value (LTV) ratio, which reduces risk for the lender. When lenders see you contribute more up front, they tend to approve the loan faster.

• Add a co-applicant for higher loan eligibility

Including an earning member of your family as a co-applicant increases the combined repayment capacity. This increases your home loan eligibility and also helps lenders process your application faster due to reduced risk.

Points to Remember Before Applying for a Home Loan

Home loans are long-term loans and often involve huge amounts of money. Thus, carefully checking everything before applying is crucial. Here are a few important things to keep in mind before you search for ‘how to get a home loan easily’ -

To lessen the likelihood of being turned down, make sure your eligibility corresponds with the lender's requirements.

The chosen property’s profile must meet the lending parameters and the lender's risk assessment.

Before choosing your tenure, carefully consider your options, as this will directly affect your EMIs and monthly budget.

Conclusion

Home loans have allowed a great number of people to own the house of their dreams. In general, home loans work like this:

• The owner or builder receives direct payment from the bank or NBFC

• The borrower pays off the loan by making monthly payments during the chosen tenure

• The lender has ownership of the property as collateral throughout the tenure of the loan

• Once the loan is paid off, the ownership is transferred back to you

• The lender can legally sell or auction your property if you fall behind on your payments

Checking the actual EMI amount by using a home loan calculator before you apply for a loan can help in planning.

Apply for a home loan through the Moneyview app and get home loans starting from 7.75% per annum. To know more, visit our website or download the Moneyview app.