5 Important Aspects of Getting an Approved Home Loan

Even though the past few years have witnessed an increase in home loan disbursals from financial institutions across India, there still remains a possibility of a borrower’s application being rejected on several grounds.

While home loan apps have made applying for these advances a lot easier, it is still crucial for individuals to be mindful of the following aspects to ensure that their application is approved –

• Credit score

To ensure easy approval of home loans, borrowers should ensure that they have a healthy credit score of 750 or above. An individual’s credit score depends on several factors like their repayment history, existing debts, etc.

• Income

Lending institutions deem borrowers eligible to avail home loans if they meet the minimum income criteria. An individual’s income is also a determinant factor of the amount of advance he/she can borrow.

• Existing debts

Existing debts can have a significant impact on the approval of home loans, while unpaid dues can be a cause of concern. It is thus imperative for individuals to track their existing debts if any, through instant loan apps. For instance, the Bajaj Finserv app – Experia allows users to check their previous borrowings with ease.

• LTV ratio

LTV is the ratio between the loan amount and the market value of the house. A higher LTV makes the loan riskier for lender. In such cases, borrowers may face rejection. On the other hand, making a higher down payment reduces the LTV, which increases the chances of approval.

• Age 

Home loans usually come with a long tenor ranging up to 240 months. Since repayment of the borrowed advance has to be made over a long period of time, younger individuals stand a better chance of getting their loan easily approved through an online loan app.
With these aspects in consideration, availing easy loans can become hassle-free for potential borrowers.

Also Read:- Apply for a Home loan via Online Loan App

How using Loan Apps are Beneficial for Applying for a Home Loan?

As per data published by IBEF, India’s real estate sector is estimated to reach USD 1 trillion by the year 2030. While urbanisation and an increase in household income are key factors that have contributed to the rise in the demand for residential properties, easy availability of housing loans also remain one of the principal reasons for the same. The ease of access to housing loans has been, in turn, facilitated by the launch of online platforms like home loan apps offered by various financial institutions.

Benefits of home loan application through online loan app –

Apart from streamlining the process of home loan application, these apps offer numerous other advantages. These are -

• Applying for a housing loan via a home loan app requires minimum time, making the process hassle-free for borrowers.
• With online apps like the Bajaj Finserv app – Experia, you can view the company’s pre-approved offers and other recommendations available on home loans.
• These apps allow easy navigation, making it simpler to access any loan-related information.
• Following up with the loan application becomes much simpler with the app.

These apps are custom-built for application of easy loans and managing them after they are approved.

How to apply for a home loan through an app?

One can apply for home loans through instant loan apps by following these steps below –

Step 1 – Download the lender’s app from Google Play Store for Android phone or the App Store for an iPhone.

Step 2 – Provide requisite information like mobile phone number and register with the app.

Step 3 - Browse through the app for personalised and recommended offers. 

Step 4 – Apply for the loan.

With these simple steps, availing a home loan from any financial institution has become easier than ever.

Also Read:- 4 Reasons To Apply Home Loan via Home Loan Apps

Tips & Tricks to Manage your Student Education Loan Instantly

Education Loan:- Education loan is the loan that can be used by the students who want to pursue their studies here in India or Overseas. Loan Borrowing limits of funds totally depend on the financial institution.

Following are the Pointers:-

1. Look for Financial Aid

Nowadays, there are many financial institutions are available in the market. Choose the best option with low-interest rates. You can also request online with the help of a student loan app.

2. University and Courses

There are many courses and universities are available, so choose according to your interest and budget. you can also go with the universities which use to provide financial services like a personal loan.

3. loan tenor

If you are taking the loan for higher education then you have time to repay your loan within 60 months. There are different repayment options as per the loan amount and financial institution. If you need full information then you need to know through the online loan app.

4. Application Method

Education Loans can be borrowed through multiple application methods. You can avail through the website or you can go with an instant loan app.

Bajaj Finserv is the best platform where you can get the number of different pre-approved loan options with instant approval and lower interest rates.

Things to be Noted While Taking Home Loan Approval

Every one use to dream about his own home,people saves and invest multiple tools to grow there money for fund for there home. Nowadays there are many mobile loan apps which is providing home loan on the go. You can directly apply for the loan through the help of online mobile loan app. There are many lenders which are providing loan through app. 

As we all know that home loan is a long term funding solution, lenders use to look at many multiple aspect before providing home loan. As home loan is the huge amount of sum which lender use to provide to other to built there own house. Nowadays you can avail all the loan related services through home loan app.

Following are the aspects :-

• CIBIL Score- Credit Information Bureau India Limited is the company which use to collects and maintains credit records of the particular individuals and commercial entities. CIBIL score is calculated on the behaviour of your accounts and enquiries. CIBIL score calculated between 300 to 900. 700 CIBIL score is generally considered a good CIBIL score. So, person should keep his/her credit score more then the 500.

• Age- As age is also the crucial factor for the home loan approval. Applicants more then the age of 28 are more eligible for the home loan approval.As they are having working years and can repay the loan EMIs without defaults.

• Existing Debts- It always matters that are you having any existing debts because having existing debts are also comes under the eligibility criteria. Lenders consider some home loan applicants with no pre-existing debts.

• Down Payment- Down payment also plays an important role in home loan eligibility and approval. Some times there are many other option related to the home loan down payment. If you are paying 20% as the loan down payment then your home loan may get approved

Other key factors will be define you when you apply for the home loan through loan app or bank or lender will consider while processing the loan application for the approval.

Must Read:- Home Loan Approval – Five Aspects that Lenders Look at Before

Steps and Benefits to Apply for a Personal Loan via Mobile App

What is a Mobile Loan App?

Mobile loan apps can be referred to the loan which is used to apply through the help of mobile devices. Nowadays, You can avail this loan facility from Instant loan App.

Steps for applying loan via Mobile App:- 

Step 1 – Select a preferred financial organisation or institution

Step 2 – Download the corresponding app from the Google Play store/iOS store.

Step 3 – Fill the application form by providing your mobile number and email ID. An OTP will be sent on the registered phone number, through which individuals can easily login.

Step 4 – There will be documentation for the verification purpose. Candidates need to provide their PAN Card number along with their permanent address and scanned copies of resident proof might be needed for further verification.

Step 5 – Loan application and verification process might take a few minutes to complete. After successful authentication, the loan disbursal process is initiated. Amount transfer used to take around 2 to 5 business working days.

You can also avail the following benefits through the help of Mobile Application:-

• Ease of loan account management:- You can easily manage your loan account including complete information about EMI payments, due dates, no. of EMIs left and many more through the help of mobile application. 

• Account history:- Statements and other account information can be downloaded from official mobile application from the particular financial institution, when required by borrowers. 

• 24×7 customer support:- Online customer help line desk is always available if the borrower finds any issue or any related problem for the services.Individuals can either call or message to convey their grievances at any time.

Must Read:- Step wise Guideline To Apply For A Personal Loan With Loan App

What is Student Loan and Its Major Myths?

What is Student Loan?

Student loan is a loan which is designed to help students for post secondary education and associated fees. Nowadays, You can avail this loan facility from Instant loan App.

Following are the Major Myths for Student Loan:-

• Student Loans Do not Affect Credit Score

Student loans affect your credit score. Loans are a form of credit and credit counts in Credit score which is the major factor to have a loan. As such, missing a payment or paying late will have a negative impact on your credit score. That can affect your eligibility to apply for more loans. Making your payment on time will help you to gain the credit score or at least to maintain it. And your loans are going to have a larger impact on your score than your credit card will.

• Borrower can Adjust Repayment Amount

Definitely not true, When you use to take the loan in the initial stage you get the standard repayment plan which you can adjust on your income based, after graduation and many more visible options.

• Is it easy to lower the interest rates?

No,Student loan interest rates are already set when the borrower takes out the loan. loan services do not lower these rates after the loan starts. However, borrowers may benefit from a Direct Consolidation Loan, which combines multiple federal loans and offers a fixed rate based on the weighted average of individual loans.

Additional Read: Student Loan Myths – Top 5 Myths Everyone Should Know

What is a Personal Loan and Why to Choose it?

What is Personal Loan?

Personal loan is an unsecured loan, which means you do not need to provide a collateral to borrow. Banks and financial institutions can offer this loan at a lower interest rate, if you are having a good credit score. In now a days people can apply for the loan through online loan app in just a click.

Why choose it?

1. Variety of Usage:- Fund which you will receive can be used for a variety of purposes. Purchase of electrical products, National/International trips and many more,you can avail these services after having a personal loan.

2. Low Interest Rate:- If you take personal loan, interest rates would be lower as compared to other loans or credit card loan.

3. Unplanned emergency expenses:- If you need an emergency fund you can go for a personal loan. Like :- Medical expenses or sudden trip and many more.

4. Making a large purchase:- If you want to make a large purchase like buy a car, boat or RV, Pay for a wedding or a dream vacation. You can definitely go with a personal loan. It will help you to pay all your expenses.

5. Improve credit score:- A Personal Loan can prove to be useful for improving your credit score by adding variety to the types of account you hold.

Must Read:- Reasons, Why A Personal Loan Is A Good Option?