Everyone dreams of buying their own home. However, sometimes, buying a home on your own might become tedious. This is when the home loan comes to help people buy their dream house.
How to get a home loan?
In order to get a home loan, a person needs to apply for the same in the housing finance companies or banks. As it is quite obvious that one needs to have enough money to buy the house; therefore, banks lookout and evaluate where does one stands on the financial terms. They take a look at all the financial documents and property papers. After the bank has checked that an individual is eligible, banks will then grant the home loan accordingly. By looking through the process, one can see that the sanctioning of a home loan is tiresome and takes up a lot of time.
Instant home loan and its requirements
So as the lengthy process can be cut out into a short one, pre-approved home loans are introduced by several housing finance companies and banks. This kind of instant home loan is approved before one finalizes the property. The instant home loan is provided based on the credit score and financial stability of the individual. These kinds of loans are more beneficial as there are lesser documents that are required. Interest rates are low, and quick processing takes place. The interest rates on home loans vary in different banks. Banks take a look at the individual’s income status, net worth, EMI outflow, and payback history. For the existing customers, most of the banks in India offer a pre-approved home loan facility. The process is quite simple as the bank verifies the financials quickly, the application is evaluated, and the home loan is sanctioned for a definite time period.
ICICI Home Loan
ICICI Bank offers the pre-approved home loan by the name of Instant Home Loan. ICICI Home Loan offers instant approval of up to Rs. 1 Crore online and that too for the time period of 30 years with the help of Internet Banking Facility.
ICICI Home Loan Approval Process
The pre-approval that is required can be generated online with the help of ICICI Bank Internet Banking. The sanction letter can be generated with a few clicks itself. For the same, the ICICI customers are required to:
- Log in to their internet banking account.
- They need to customize the offer as per their requirements.
- The processing fees need to be paid.
- Then the sanction letter is generated, and the user can download it.
Features of Instant Home Loan
The ICICI Home loan has some salient characteristics such as:
- There is a provision of availing a 50 % discount on processing fees for a limited period of time.
- With the help of the 3-click approval feature, the sanction letter can be downloaded within a few minutes.
- Income tax benefits are provided to the customer by availing of the home loan.
- The customers of ICICI Bank do not need to submit any documents under no documentation feature.
Benefits of Instant Home Loan
There are several advantages to the ICICI Home Loan:
- The process of availing loans becomes simpler and hassle-free because of the instant home loan.
- There are many added advantages of instant home loans, including minimum documentation required, quicker processing, lesser interest rates when compared to conventional home loans, home loan tax benefits, discounts on property prices, etc.
Conclusion
For someone who is looking forward to purchasing a house as quickly as possible, you can try out the pre-approved loan from icici , hdfc , SBI Home Loan for Instant Approval.