Pre-approved home loan means
a pre-sanction given to the prospective home buyers even before they zero in on any property. Pre-approved home loans are given to the potential buyers based on their income, creditworthiness and financial position.
Keeping this in consideration, are pre-approved loans guaranteed?
In lending, pre-approval is the pre-qualification for a loan or mortgage of a certain value range. … Although, to a typical consumer, “you’re pre-approved” means “you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply,” the literal meaning is different.
Also question is, can my pre approval get denied?
Your application can still be denied even if you were pre-approved. Several things could derail your home buying plans and cause the lender to decline your application after pre-approval, such as a change in your credit score, employment, earnings, and debts.
Does a pre-approval hurt your credit?
Inquiries for pre-approved offers do not affect your credit score unless you follow through and apply for the credit. … The pre-approval means that the lender has identified you as a good prospect based on information in your credit report, but it is not a guarantee that you’ll get the credit.
All HDFC Bank Debit Card holders are eligible. Check your pre-approved loan amount: SMS DCEMI<Space><Last 4 Digits of Debit Card> to 5676712.
If you are an HDFC Bank customer, you can log in to your NetBanking account and check your eligibility for a pre-approved offer.
It will usually take about a week to get your mortgage preapproval after you apply, and you’ll spend around 3 months looking at properties. It may take you between 1–2 months to negotiate an offer with the seller depending on your local real estate market.
How much home loan can I get on my salary?
|Net Monthly income||Home Loan Amount|
Once you have found a home that meets your needs and your pre-approval amount, you can start the sale process by giving the seller the pre-approval letter and making an offer on the house. If the seller accepts your offer, the next step is to start the underwriting process.
Your personal assistant. EVA is your personal assistant on HDFC Bank’s website, available 24 x 7 to help you with your banking queries. You can get the answers you are looking for without the hassle of waiting on a call or at a branch.
Pre-EMI is a concept that is used for properties that are under construction. In this case, you get your loan disbursed in stages based on the instalment amount you need to pay the developer. You are generally required to start paying only the interest on the loan amount disbursed (called the pre-EMI interest).
So pre-approval can give you confidence to focus on properties you can afford. It helps you to understand how much you can borrow and think about how much you should borrow. Home loan pre-approval is based on the ability to repay a loan for a specific amount based on your financial position, and it lasts for 3 months.
Loan processing becomes easy and fast
The application for a pre-approved home loan is faster and simpler than a regular home loan. Since at the pre-approval stage, the lender has already verified the income documents of the borrower, the process of loan dispersal becomes easy and quick.