How to Get Pre Approved for a Home Loan?

I have recently availed myself of a pre-approved home loan from SBI, so I can share how to get preapproval for a home loan. The features of an SBI pre-approved home loan are as follows;

• Minimal Interest Rates

• Minimal Processing Fees

• No Hidden Costs

• There is no interest or penalty for early payments Interest charges on the daily reducing balance.

• Repayment for a maximum of 30 years

• For female borrowers, a home loan with a concession on overdraft interest is available.

How Can I Get Prequalified for a Home Loan?

The basic eligibility criteria that you need to fulfill to avail of a preapproved loan are as follows;

• Resident: Resident Indian

• Minimum Age: 18 years

• Maximum Age: 70 years

• Loan Tenure: up to 30 years.

Now, If you want to know how do you get pre approved for a house loan in SBI, I’d like to say that, 

• You will need to visit this

  SBI Pre-Approved Home Loan

  portal

• Click on the Apply Now button

• You will be redirected to a form, fill it out with your personal details, to get your eligibility

• Once you get your eligibility, you will be provided with loan offers that you can avail of

• Finally you can complete the loan application form to apply for the same. 

I hope this helps you understand, how do you get a pre approved home loan.

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The likelihood of a delay in the loan application process is due to a lengthy loan disbursal process. You can choose a pre-approved loan to prevent this. Before understanding how to get pre approved for a home loan, let us focus on what is a pre approved loan.

What is a pre approved loan?

A pre-approved loan is an in-principle loan approval based on your income, creditworthiness, and financial situation. Generally, pre-approved loans are taken prior to property selection. Some lenders allow you to apply for a home loan online, which gives you the option of receiving an instant e-approval.

Lenders look at your income information, bank balance, credit score, and credit history. You qualify for a pre-approved loan if you have a high credit score, a clean credit history, a track record of on-time payments, a steady source of income, and substantial savings in your bank account.

How do I get pre approved for a home loan?

Firstly you should correct your credit score and credit report, before thinking about how do you get pre approved for a home loan. After figuring this out, then move on to the next step;

• Provide all income-related information:

This is the first steps that needs to get followed if you are wondering how to get pre approved for a house loan. Before getting the loan pre-approved, you must provide the lender with information pertaining to your income. 

This may comprise information from the latest six months' worth of paycheque and bank statements, salary slips, Form 16 (TDS certificate), IT returns (typically for the previous three years), and other balance sheet, profit and loss records, etc.

• Personal data to be provided:

You will be required to provide certain information prior to the pre-approval procedure, including a valid ID proof and a document proving the existence of your firm if you are a sole proprietor or self-employed person.

You will need to follow these steps on how can I get pre approved for a home loan. After this, an underwriter handles the rest of the procedure, which could take a day to a month. 

Only after providing these information to aid the bank in performing their due diligence can the borrower acquire a preapproved loan. The lender has the last say on whether to approve the loan. After understanding how to get pre approved for a home loan, I’d like to say that pre-approval typically lasts for three months, but it can last longer at the lender's discretion.

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