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How to get home loan approval at first attempt?

A home loan is one of the biggest decisions of one’s life. You should be absolutely clear about the fact that you want to apply for a home loan and get one to purchase a home. You should set your target in such a way that your home loan application gets approved in the first attempt only.

As soon as you have found a suitable home for you, you should be prepared for the home loan. If you apply to a good financial institution, you can borrow up to Rs.3.5 crores and avail many home Loan tax benefits.

Here are some of the tips that will help you to get a home loan approval quickly and in a hassle-free process.

First, check your CIBIL score.
Your credit score should be higher than 750 to get a quick loan approval. This proves that you have creditworthiness to manage a Home Loan. As it is a long-term commitment, they want to ensure your repaying capacity. Read how to increase cibil score fast to avail personal loan without any hindrance.

Second, apply for a loan principal that is affordable for you. Your loan amount and your repayment capability should match or it should match your regular income. However, you can use the Home Loan eligibility calculator, to check your affordability.

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