How Long Should You Wait To Get Your Home Loan Approved

Getting a home loan, or any loan for that matter is time consuming and often requires a lot of patience. From incomplete information to missing documents, your home loan might be put on hold for numerous reasons.

Though banks offer pre-approved loans and other features like applying for a home loan through net banking, none of these offers eliminate the need for document submission, verification, and other such requirements that are mandatory. Some information you should know about how long it will take for your home loan to be disbursed are:

• Generally, it takes about 3 to 4 weeks for your home loan to be sanctioned.
• Please expect a delay in your home loan process as in many cases, your home loan may be placed on hold for many reasons.
• The most popular reason for delay in your home loan process is a lack of documents or missing information without which the bank cannot proceed.
• To avoid any glitches, please keep all your documents ready and submit it to the bank promptly.
• Talk to people who have availed of a home loan from the same financial institution to know how the lender functions and how you can expertise the process.
• Please check the credentials of the property you are willing to buy. Banks may reject your home loan application if the property you wish to buy does not have a clear title or if the builder does not have the required approvals to build/sell the house.
• If you are self-employed, please remember that IT returns are mandatory without which your home loan application may be rejected.

Having said that, many neutral financial advisory websites like BankBazaar allow you to apply for home loans online and ensure the process is quick, efficient, and smooth. Please take advantage of the internet and apply for a home loan that suits your requirements online. You don't have to stand in long queues at the bank. Isn't that cool?