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A pre-approved or a pre-sanctioned loan is that home loan where the banks or the financial institutions sanction the loan amount beforehand based on borrower’s salary, creditworthiness, and financial investments as well as background. With this blog, let’s under the concept of this loan in detail:
In today’s flexible financial landscape, buying a dream home with the help of Home loan is not a difficult task with many options available with banks. But with increasing interest rates in the past few years, the borrowed amount becomes significantly large with each passing day. At such point of time, transferring the home loan from one bank to another that offers a lower interest rate proves to be fruitful.
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A Home Loan Balance Transfer helps an individual in reducing the burden of High EMIs by transferring the outstanding loan to other banks with the lower interest rate. A loan borrower can get additional top-up loans, and enjoy features such as Flexi Hybrid Home Loan, pre-payment facility, and nil foreclosure charges which vary from bank to bank.
Getting home loan sanctioned is a must thing as you the aspiring home buyer requires financial funding to buy a abode. But, before getting the loan sanctioned the applicant is required to submit the loan application form which is assessed by the lender and the lending institution is the one who lets you know the exact loan amount that an aspiring home buyer can avail. So, keep in mind the below-mentioned points and increase the chance to avail the maximum amount of a home loan:
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Home loan is usually the first thing on mind of almost every home buyer as the amount involved in the home buying procedure is not small that one can deposit. So, be cautious about getting a home loan sanctioned as the minor mistakes made in the loan application process can turn your financial condition upside down. So, go through the below-mentioned points and learn about the mistakes that can hamper your home loan application:
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Seeking home loan? If yes, then you must also be wondering why a private home loan lender such as a financial institution/bank emphasis to have a look at the bank statement. Obviously, lending money that too in lakhs is not a joke thus the lender has all rights to check and recheck the necessary documents before sanctioning the home loan amount. But, many of the aspiring homeowners try to convince the lender that he/she will pay back in time. But, there is more than that which a lender is required to check. So, go through this blog post and know why a lender asks you for the bank statement:
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It is not the end of the world, if you have a poor credit score. You can still procure a home loan. Financing a home loan on a poor credit rating can get tricky if you don’t connect with the right mortgage lender, who has a vast experience of closing subprime loans. Earlier anybody, almost anybody could get a loan sanctioned, but things have changed now. People with low credit qualify for a home loan with higher rates and terms.
Your credit score decides two major aspects—
1] Loan Program- Whether conventional or non-conventional.
2] Pricing- Interest rate and any additional charges indicative of the credit score. [Read more…]