5 Handy tips while applying for a housing loan 

Whether you wish to buy a new home, resale property or refurbish your old abode, housing loan will come to your rescue. There are top public and private lenders that will help you fund your dream home with an attractive rate of interest. You can compare quotes from top aggregators’ sites online and crack an affordable deal on your pockets. Public and private sector lenders have tie-ups with these aggregator sites that are willing to offer amazing deals so that the customers stay on the winning side! But irrelevant of whether you're a first-time borrower or not, if you don't have sufficient knowledge on the subject, it can give you sleepless nights.
So, here are 5 handy tips that would ensure for a smooth housing loan application:

Keep all the documents handy

Of course, when you avail finance you would have to submit a list of documents for its approval. Therefore, the first thing you do before applying for a housing loan is to keep a set of documents ready and in the required format, such as if you're applying online they might demand a pdf copy, etc. The loan lenders usually require documents related to your salary (last 3 months), bank statements (past 6months), IT returns, company details, KYC documents such as Aadhar card, PAN card, passport, voter’s id, driver’s license, etc.
Check your CIBIL score
The next thing, on your list, should be checking your credit score. Lenders would evaluate your credit ratings to know whether you're financially capable to repay the loan amount with comfort. On average, a CIBIL score of 750+ is considered good enough to negotiate with the lenders for an attractive interest rate deal. A good score speaks on your behalf stating that you're a responsible borrower and you believe in repaying all your debt on time. If your credit score is lower than it is wise to work around and improve it. Maintain a good score for at least for 3-6 months and then apply for a housing loan.

Pre-approved loans

Pre-approved housing loan are offered to those customers who have an exceptionally good credit score. Lenders are willing to offer a particular loan amount to the borrowers at attractive interest rates. So, if you get an email or SMS about a pre-approved loan don't miss the opportunity! The fact, that you have a message stating the loan amount, proves to the builder that you're a serious home buyer. There are various criteria based on which this loan is qualified for other than credit score, such as - age, experience, the company you’re working, and income flow.

Check your loan eligibility

If you're applying for a loan, it’s better to check the eligibility before you go ahead with the application. Loan eligibility would determine your EMI and repaying capacity. Loan repayment is a major portion of your life, so you should borrow only the required sum. There are eligibility calculators online that would give a complete idea on how much you can borrow? An at what interest rates? And what would be your loan EMI? Based on the income, savings, interest rates, tenure you can determine your loan EMI. 

The interest rate

It may be the last thing but it’s of utmost importance before you sign on the dotted line. You need to find out the Apnapaisa  housing loan interest rate each lender would charge your principal amount. The aggregator sites are an ideal platform that would help you compare quotes of premier housing companies and banks right from the comfort of your homes or offices.