Time taken by Banks to Process the Home Loan

Dev Singhraha

Relocation Expert

Times have changed a lot in the last five years. With the increasing competition in the financial sectors, the banks are under pressure not to lose any of their clients. Five years back applying for a home loan and getting it approved would have taken at least a month but not anymore. The banks understand their competition and are trying to serve their interested loan borrowers to the best they can while offering them competitive loan interest rates.

So how much time it takes for the banks to approve your home loan these days? After you submit the home loan application form, the bank will send one of their home loan approval representatives to physically examine the property you are taking the home loan for. They make sure that the home loan you are applying for is the right for the property. Afterwards, they visit the home loan applicant in their office and make sure that the employment information filled by the loan applicant is right. After being satisfied with all the details, the banks approve your loan. The process can take at least a week to a maximum of ten days.

If you have all your documents in place, all the details correct and have done your research, then it is even more manageable task to get the loan approved. The banks generally send a representative who helps you in sorting out the paperwork without any hassle. The banks have come a long way when it comes to home loans and serving their customers.

How to get the loan approved faster:

Keep all the documents ready
There seems to be a lot of confusion regarding the documents required for the loan approval. All the banks have the necessary documents for loan approval, mentioned on their website. One can refer to it in case of any doubt.

Know what you want
When taking a home loan, make sure you have done all your research. There are different types of home loan and interest options. You must decide before applying for the home loan regarding the kind of loan you want and the kind of interest rate.

Do not change your job
When applying for the home loan, make sure you do not change your position while the application is in process. Changing your career can affect your home loan application and cause a delay in approval.

Be physically present
When applying for a home loan, make sure that you are communicating with the banker in person and not just on telephone or emails. It is a good idea to visit the bank’s office to discuss the home loan. Also, after applying make sure you reply to their emails and phone calls.

Looking for property portal?

Find a property Post property

Guide to Loan Against Property

Need money to invest in a child’s education or business but not sure if the bank will approve your loan or not? Well, there is a key to all your problems. Loan against property is one way to finance your loan when in need. Loans are generally cl...

Feb 07, 2019
An Easy Home Loan Guide for Women Borrowers

There is no certain separate rule for men and women for applying for home loan. However, there are certain special incentives exclusively meant for women borrowers. Here is the list of those aspects of this subject. Women home loan borro...

Jun 12, 2018
What are Home Loans and Loan against Property?

When it comes to funding for buying a new property or for personal use, people often get confused between the home loans and loan against property. We discuss both in detail with their tax implication and requirements to take either loan: Hom...

Sep 26, 2018
Pre-Approved Loans Myth Busted

In comparison to olden days, buying a house now is an easier task. With bank financing most of our purchase, the buyer can fulfil their dream of owning a house, or even multiple houses, at early stages of life. Most buyers now are in their late twent...

May 16, 2019