What To Do While Your Home Loan Request Is Being Processed?

How apt are you to buy your new home with your own money without any help? Well, not all of us are destined to be that lucky. There are just a few limited lucky ones who can afford a new home all on their own. But, for others like us, there are banks to help buy the best of homes like Adisesh Prime, one of the most finely constructed villasprojects near Narasapura Bangalore. Majority of the country always counts on home loans to purchase a house. This is why more and more banks are coming up with plans and schemes to help home buyers take a home loan.

However, this doesn't mean everyone is eligible to get one. There are certain limitations. There are certain considerations that banks make and certain factors that have banks decide whether or not you are eligible for the loan you have asked for. And, it takes a while before the bank can assess all the information you have provided in the application form, verify it, and then decide your eligibility for the loan. It generally takes up to 15 days for the bank to give its decision about acceptance or rejection of the home loan application you have filed. And, these 15 days are full of anxiety and prayers for home buyers. So, what is it that you need to do and take care of during these important 15 days? What is it that you need to be careful about so that your actions don't lead to loan rejection? Here are some important tips to increase the chances of your loan getting approved.

You should be available 24x7

While the banks are deciding upon your eligibility, they want to make sure that all the information you have provided is correct, and they would also want some additional information about you, for which they may contact you through your mobile phone and email. So, confirm that you have provided the correct phone number and email, and also make sure that you are available on your phone at all times, and that you keep checking your emails regularly.

You should be available at home when required

Apart from being available on call and email, you should also be available at home when required. The bank will check the genuineness of the information provided by you; and one important element of the information is your own residence. So, to ensure that the loan is going into the correct hands and that the borrower has the means to repay the debt, the bank will visit your current residence and re-check the details. They may also visit your office for the same. so, be prepared in all ways.

You should welcome the bank’s legal and technical teams

The bank would at any time send professionals and experts to evaluate the property you wish to buy. These experts are legal and technical teams who are sent to visit the property and make assessments. The legal team will ensure that there are no legal issues related to the property, while the technical team will assess the market value of the property. So, be sure to answer their calls to decide on a time for the visit; and make sure you welcome them in the right manner.

Provide trusted contacts and keep them informed

In the application that you fill for a home loan, you will be asked to mention the names and details of two people, who aren’t your blood relatives. The bank will contact them too to check up on you. So, be sure to provide the names of those you can trust, and also let them know that they should be expecting a call from the bank during the time period.