Buying a home is a lifetime dream for many. A home is both a financial and emotional asset. It is a place we can call our own - a space where we can enjoy, relax and build a lifetime of memories with our family. It is also a worthy financial investment that we can leave as a legacy to our future generations.
The biggest obstacle to buying a home is the sky-high real-estate prices. Today, the cost of ready-to-move-in homes averages around 40 to 50 lakhs in cities, and can even go up to crores, depending on the location, amenities and other features.
This is where a home loan comes into the picture. A home loan provides borrowers with the requisite financial capital to make their home dreams come true. But, for your home loan to be approved, you have to meet the eligibility criteria and other terms and conditions stipulated by the lender.
Getting approved for a home loan is not easy. You have to provide a huge list of documents including proof of employment, proof of income, property documents and more to the loan officer. Additionally, you should have a good credit score and a stellar credit history to be approved. It can feel overwhelming and at times, you may even be tempted to abandon the process mid-way.
Worry not, CreditMantri has got your back! In this guide, we walk you through the do’s and don’ts to keep in mind while applying for home loans online. Following these tips will improve your chances of loan approval, quicken the approval process and also help you find the best deals on your home loan
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