Delhi is one of the largest commercial hubs and among the most populated regions in India. To help individuals with the required line of credit, most financial institutions offer home loan in Delhi at affordable interest rates.
How to receive approval of your home loan faster?
Some of the factors that contribute to quick approval of a home loan are discussed below –
Good credit score
Maintain a decent score of 750 or above to have your home loan in Delhi
approved without any hassles. A higher score ensures your creditworthiness to the lenders, and they are more willing to extend you the credit with lower default risk.
FOIR or Fixed Obligations to Income Ratio is used by lenders to determine whether you will be able to pay the EMIs without defaulting. Having a FOIR lower than 50% will help you avail the loan at ease.
Higher down payment
A higher down payment reduces the loan amount, which decreases the lender’s risk. A lower loan amount reduces your monthly instalments, thereby minimizing the chances of default. Hence, lenders will approve loans with a higher down payment quicker.
Fulfil the eligibility criteria
Meeting the required eligibility criteria such as stable income proof, a decent credit score, occupational experience, etc. also increases the chances of your home loan approval.
Applying for a home loan jointly with another family member who has a higher credit score can add to the factors of faster loan approval.
Besides these factors, make sure you check the necessary prerequisites of documents. It will further aid in faster approval of the same so that you can access the amount at your earliest and utilise them effectively.