The Fastest Way to Sanction Home Loan-Instant Home Loan
May 21, 2019
Buying a home is one of the most critical decisions you make in your lifetime. As in most cases, the road to purchase own home passes through a banking institution that lends you Home Loan.
How to Get a Home Loan?
You have to apply for a Home Loan with banks or housing finance companies to get a Home Loan. As it involves tremendous amount of money, banks evaluate your financial standing by having a look at your property and finance-related documents. After checking your Home Loan eligibility, banks accordingly grant you a Home Loan. Thus, Home Loan sanction is usually a long process that takes up a lot of time.
Pre-Approved Home Loan / Instant Home Loan
To address long procedures and lengthy time duration in Home Loan sanction, housing finance companies and banks offer pre-approved Home Loan. With pre-approved Home Loans, you get instant loan approval. This type of instant housing loan is approved well before you finalise your property.
Instant Home Loan Requirements
A bank offers instant Home Loan sanction based on your financial stability and credit score. Pre-approved loans are useful as you benefit from features like low-interest rates, lesser documentation and quick processing. Home Loan interest rates vary from bank to bank. Though, with instant Home Loan, you can get instant loan approval at a special Home Loan rate after banks judge your PAYBACK history, income status, current EMI outflow and net-worth.
Instant Home Loan Procedure
Most of the Indian banks offer a pre-approved Home Loan facility to its existing customers. Housing Loan interest rates differ for different banks and different loan products. After quickly verifying your financials, the bank evaluates your application and sanctions Home Loan valid for a definite period. ICICI Bank offers Instant Home Loan.
ICICI Bank Instant Home Loan Details
ICICI Bank has launched its pre-approved Home Loan product by the name of Instant Home Loan. It offers an instant Home Loan approval online of up to Rs 1 crore for a tenure of up to 30 years using Internet Banking facility in a paperless manner. Your pre-approved Housing Loan eligibility can be checked online. You can check your Home Loan eligibility with Home Loan eligibility calculator.
Instant Home Loan is a pre-approved Home Loan exclusively for customers having their Salary Accounts with ICICI Bank. If you are an existing ICICI Bank customer, the Instant Home Loan product lets you get the final sanction letter for new Home Loans in a wholly digital way. It is one of the best Home Loan products from ICICI Bank, a renowned private sector bank in India.
Instant Home Loan Approval Process
Customers can avail of the pre-approval for a Home Loan through ICICI Bank Internet Banking and generate sanction letter in a few clicks. Under this product, ICICI Bank customers need to:
- Log in
- Customise their offer
- Pay Processing Fee and
- Download Sanction Letter
Instant Home Loan Features
- With no documentation feature, ICICI Bank customers do not need to submit any documents
- Customers can download the Sanction Letter instantly in just three clicks with 3 Click Approval feature
- Customers can also avail of a 50% discount on Processing Fee for a limited period
- Moreover, customers also get regular income tax benefit by availing of a Home Loan
- Customers can also check their Pradhan Mantri Awas Yojana (PMAY) eligibility with Instant Home Loan product.
Instant Home Loan Benefits
- A pre-approved Home Loan like Instant Home Loan makes the loan availing process quick and hassle-free
- Your credibility to builder increases. So, you can negotiate the price of your home as you have your funds readily accessible to make the purchase
- Moreover, instant Home Loans have many advantages such as quick processing, limited documentation, Home Loan tax benefits, lesser interest rates compared to conventional Home Loans, discounts on property prices etc.
Thus, if you are planning to get a Home Loan, explore the pre-approved Home Loan option with your bank. With instant Home Loan, you get the fastest Home Loan sanction and many other added benefits.
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