When to get pre approved for a home loan?

“As our special customer, we are pleased to inform you that you are eligible for a pre-approved housing loan.” I got this email from my bank today. So, I called my banker friend to know when to get pre approved for a home loan. He told me that you should avail of a pre-approved loan only when you want to purchase a home. Plus, you should go for pre approval for a home loan only after choosing some potential houses. He also warned that one shouldn’t buy a home just because their bank has extended a pre-approved home loan offer. If you don’t know what a pre-approved housing loan is, then let me tell you it’s an offer for a housing loan based on your creditworthiness. Basically, it is offered to eligible consumers who have a good financial background. Home Loan Pre Approval Process

• A preliminary approval to the customer to get the pre-approved home loan.
• The customer is required to give the property details after the purchase has been finalized.
• The bank will then verify the property’s title and legal information.
• Important conditions like penalties, tenure, interest rate, etc., are finalized.
• The loan is disbursed if all documents are submitted
• The pre-approval is valid for a limited period (around 3 to 6 months) and you will have to complete the transaction before the expiry of the approval.

Avail a Housing Loan at a Fast Disbursal Time of 72 Hours via NoBroker You can easily get a home loan with minimal documentation through NoBroker. Check whether you are eligible for one using this Home Loan Calculator: [widget_homeLoan_checkEligibility_form]   Read more: What is home loan process? What are the best banks for home loans? Which bank is best for home loan transfer? How much time it takes to disburse home Loan? How many home loans can one person have? I hope I answered your query on when to get pre approved for a home loan.

I was thinking of getting a home loan for my house. Much to my surprise, I did not know that one could get pre approved for a home loan until a friend told me. In my answer I will share all the things I learned about the process. 

When to get pre approved for a home loan ?

You should get pre approved for a home loan before you start your property buying journey. Pre-approval will give you a fair idea about your home loan eligibility and what you can afford and the tenure of home loan. Pre approved home loans are

valid for a limited period and subject to change in loan terms.

What is the eligibility to get pre approved for a home loan ?

Banks will look at 3 factors while deciding if a customer will be pre approved for a home loan. 

Y

our income

Creditworthiness 

Financial position

What is home loan pre approval process ?

The process to get home loan and pre approved home loan is quite similar. You can do so by contacting a local branch of the bank of your choice. You can even submit an enquiry via phone on the customer care number of your bank. For more details, you will need to speak to a bank representative.

I hope your doubts about pre approved for a home loan have been cleared.

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I was trying to avail a pre-approved loan from SBI, but I wasn’t aware of the process and steps. I called a friend of mine and asked him about how can I get pre approved for a home loan. He told me about the steps, documents and other details to get pre-appoved for a home loan. 

How to Get Pre Approved for A Home Loan Online?

My friend works in SBI, so he told me about the steps needed to get pre-approved for an SBI home loan. Here is the list of documents mentioned by him for how to get pre approved for a home loan. 

Documents Required to Get Pre-Approved for A Home Loan

• Identity card of employer.

• Duly filled loan application with 3 passport-size photographs

• Identity proof (PAN, Passport, Voter ID card, Driver’s License)

• Address proof (Telephone Bill, Electricity Bill, Water Bill, Aadhaar card, Passport)

• Last 6 months' bank account statement.

• Loan A/C statement for last 1 year (if any)

As I am a salaried person he told me that I need to provide two additional documents. 

• Last 3 months' salary slips

• Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Steps to Apply for Pre Approved Home Loan 

• He told me to go to the

  SBI Pre-Approved Home Loan

  page. 

• Following that, he told me scroll down and click on Apply Now. 

• After that, he told me to provide the necessary details to check my eligibility and click on Submit. 

• Finally, he told me to check the Loan offer and then complete the application process.

And that is all that he told me about how can i get pre approved for a home loan. I hope this information has been helpful to you. 

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