A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • loading

    Pre-Approved Home Loan

    We found 46 Pre-Approved Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.5% - 8.7% Floating
    Up to 0.5% (min. ₹5750) One time fee
    5L Min
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.65% - 8.70% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.85% Floating
    0.5% (min. ₹11,500) One time fee
    5L - 10Crs
    3-30 Years
    Response Time Within 30 minutes
    Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.60% Floating
    Up to 0.5% (max. ₹11,500) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 10.05% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.70% - 9.25% Floating
    0.50% (min. ₹10,000) + S.T.
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.65% - 11.75% Fixed/Floating
    0.50% (min. ₹10000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.5% - 8.55% Floating
    10,000 + S.T. One time fee
    40L - 5Crs
    1 - 25 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12.5% - 17% Fixed/Floating
    2% One time fee
    2L - 1Cr
    1-20 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + S.T. One time fee
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.67% Floating
    1% One time fee
    5L - 5Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.10% - 9.89% Floating
    0.5% One time fee
    30L - 5Crs
    3-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria

    Pre-Approved Home Loan is Rated as "Great!" by 22218 Users

    Home Loan BYTES FROM OUR KITCHEN

    Owning a home is one of the most crucial decisions that you have to make in your lifetime. However, unless you have unlimited funds at your disposal, there is no other option but to take a home loan, to fund your dream. Housing finance companies as well as Banks, offer pre-approved home loans much before the borrower finalizes a property. Banks evaluate the borrower’s finance and also the property documents while sanctioning home loans and this can take up a lot of time. With pre-approved home loans, the approval process is faster and easier.

    Pre Approved Home Loan

    Overview:

    If you look at all the things that can go wrong when you are looking to buy a home for yourself, you will be terrified. Imagine losing the property of your choice if your loan is delayed or if your loan application gets rejected. You can avoid all this stress if you are eligible for a pre-approved home loan.

    Pre-approved loans are attractive since it comes with unique features such as lower interest rates, very little documentation and quick processing, usually within 48 hours. A pre-approved loan is actually an in-principle sanction offered to you by a bank/financing institution on the basis of your credit score and financial stability. The factors that determine loan repaying capacity based on which the bank judges the borrower’s EMI, include: the individual’s income status, payback history, current EMI outflow and the net-worth. The bank then approves a particular amount that you can avail as home loan, within a fixed time period, which is usually 6 months.

    Most banks offer pre-approved home loans facility to both its existing customers as well as new customers. After verifying the financials, the bank evaluates the pre-approval application and sanctions a loan which is valid for a definite period. The customer can avail the loan during this period, but only after submitting the relevant property documents required for due diligence check and verification.

    You should take a pre-approved loan only if you have finalized the property of your choice. A pre-approved loan makes the process of availing loan and making the purchase, quick and hassle-free. Another added advantage is that your credibility to the builder increases and hence you can negotiate the prices since you also have readily accessible funds to make the purchase, as compared to someone who will have to raise it.

    Features of Pre-Approved Home Loan:

    • Pre-approval of home loan need not necessarily mean guaranteed sanction. A pre-approved loan is not an assured loan since it depends on the successful verification of all relevant documents. Banks are under no obligation to approve the loan request and make the final call on whether or not to disburse the approved amount.
    • Costs involved: Pre-approved loans are low interest rate loans but it also has certain fees and charges. Most banks charge a processing fee for pre-approval of loan. Such costs are not refundable whether you ultimately avail the loan or not. Generally, floating interest rates are applicable on such loans and if you wish to avail a loan at fixed rate of interest, a pre-approved loan isn’t for you.
    • Loans are valid for a specific time frame - if you do apply for it within that period, the pre-approval ceases to exist and you will have to apply later on when the offer is available, and the fee involved will be levied again.
    • Affects credit: Credit gets blocked to the extent of the amount that you want pre-approval for. If you need to take a personal loan or an education loan during the period when the pre-approved home loan is valid, your payback capacity will be calculated based on the pre-approved loan.
    • Availability of discounts: Discounts on interest rate are offered by most banks, on a pre-approved loan.
    • Quicker loan processing: Since the bank already has the important details about your finances, the time taken to process the loan is usually lesser.
    • Negotiating with your seller: Having a pre-approved home loan enables you to successfully negotiate with your seller. The builder will be aware that your finances are in order and that you are a genuine buyer since pre-approved loans are available for a particular time period only.

    Eligibility for Pre-Approved Home Loan:

    If you are wondering whether you are eligible for a pre-approved home loan, look no further. The answer lies in your credit track record. Your eligibility to avail a pre-approved loan is judged by the Banks on the basis of the various accounts you may hold with them. If for example, you have a salary account with a bank, then the bank has access to your transactions such as the amount of salary drawn, liquidity in your account, if you have any loans, late payments and this also helps them understand your cash outflow.

    Credit cards that you own also give an insight into your finances. Thus, a savings account and/or a credit card with a bank offers the information required to calculate the amount of loan you could be eligible for. If a customer has an impeccable track record of paying loan EMIs on time and if he/she has an impressive credit score from CIBIL, one of India’s leading credit rating agencies, then the bank considers the customer eligible for the loan that it can offer based on these records.

    The process of arriving at the exact amount to be offered as pre-approved loan would depend mainly on factors such as:

    • Income and savings capacity of the customer
    • Transactions made through the Bank account ( e.g.: cheque bounces would be viewed negatively)
    • Consistency in deposits such as salary deposits and other cheques.
    • Some banks pre-approve home loans to its existing customers even if they have not taken a prior loan, based on certain factors such as the cash inflow and transactions in their salary accounts or the repayment records, if they are credit card holders.

    Interest Rates applicable for Pre-Approved Home Loans:

    The main highlight of a pre-approved home loan is that the interest rates will be comparatively lesser than the rate of interest offered to other customers who avail a regular home loan scheme. However, it is important to confirm the nature of the interest applicable, i.e., whether it is a fixed interest or a floating interest.

    Banks often consider the interest rate prevailing at the time the customer applies for the home loan, while calculating the borrower’s repayment capacity. Any change in the interest rate during the tenure of the pre-approval will affect the final loan amount. Thus, the amount that is disbursed to the customer eventually, may be different from the sanctioned loan amount due to the adverse impact of interest rate changes. The sanction letter mentions the interest rate applicable for the home loan, and this would be based on prevailing home loan interest rates. Like the pre-approval, the special rate of interest will also be valid only for a specific period, starting from the date of issue of the sanction letter.

    Interest rate would also change depending upon the nature of the interest, as chosen by the borrower, i.e., fixed or floating. Kotak Mahindra Bank offers a special interest rate during the period of validity of the sanction, which is one month. The interest rate may change later on, depending on whether you choose fixed or floating home loan rate. This applies for other banks like ICICI Bank, HDFC and SBI.

    HDFC Ltd, is one of the oldest private banks in the country and offers a home loan amount of 80% of the Sale Agreement Value rather than the Registration Value with significantly smaller EMIs. Axis Bank promises the lowest processing fees and quickest home loan disbursal. For a pre-approved loan from ICICI bank, the floating interest rate is 9.85% and fixed interest rate is 10%. This is however subject to change.

    Pre-approved home loans are a boon for many who wish to promptly plan and execute their real estate investments, but such sanctions depend on several factors and is beneficial only if there is a marked difference in interest rates and charges that would help to save costs incurred while acquiring your property.

    FAQs about Pre-Approved Home Loan:

    1. What are the benefits of a pre-approved home loan offer?

      Pre-approved loans have many advantages such as discounts on real estate prices, lesser interest rates compared to regular home loans, quick processing, limited documentation, etc.

    2. How can I evaluate whether the pre-approved loan amount is right for me?

      Loans are pre-approved by Banks on the basis of your credit history and previous loan repayments, if any. Hence, the amount approved need not be as per your actual requirement but based on your capacity to repay the loan. It is important to calculate the actual cost of purchase of a property to decide on the loan amount that you require and not based on the costs of the amount being offered to you.

    3. What are the documents required?

      Depending on whether the applicant is self-employed professional, salaried individual or an entrepreneur, the documents that need to be submitted varies. Generally, the necessary documents include proof of identity, residence proof, bank statement of the past six months', latest salary slip or Form 16, certificate and proof of business existence, income-tax returns of the past three years' (in case of self-employed/business) as well as profit/loss statements, balance sheets and so on.

    4. What is the validity period?

      There is no particular period within which the applicant is required to avail the offer. However, the pre-approval is open only for a maximum period of six months and if the applicant does not apply within this period, it becomes null and void. The validity period might vary from bank to bank. For example, State Bank of India specifies that the borrower has to identify the property he/she wishes to purchase within 60 days. Kotak Bank states that the validity of their home loan sanction ranges from 1-3 months.

    5. Once I get the sanction letter, when will the loan amount be disbursed?

      In order to avail of the loan, the borrower must finalize a property before the expiry date specified in the sanction letter. The property documents are to be submitted to the bank and if the documents are in order, the loan will be disbursed.

     Loading your search... Loading your search...
  • Pre-Approved Home Loans Reviews

    • LIC Housing Home Loan
      "High on ROI"
      0.5 4.0/5 "Great!"
      I had taken my home loan from LIC housing finance and the process is smooth and the documentation process was convenient as well. The disbursement happened at the stage I wanted it. But the major drawback is that the interest rate and processing charges are high.
      Was this review helpful? 0
      , faridabad
      Reviewed on May 27, 2017
    • Axis Bank Home Loan
      "Interest rate should be flexible as per the market"
      0.5 5.0/5 "Blown Away!"
      AXIS home interest rate is fluctuated compared to other banks. However their loan process is good. I have requested 30% of amount on the property value. AXIS disbursed the amount on time. Documentation process is very convenient. If they reduce the interest rate that would be best.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • HDFC Limited Home Loan
      "Fantastic Service"
      0.5 5.0/5 "Blown Away!"
      Interest rate is of 8.65% for the housing loan with HDFC Ltd, the rate is very normal when compared to the other banks and it is as per the market value I believe. They done with the process within 15 days. Furthermore, there is no challenges with the bank in taking the loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 27, 2017
    • Sundaram BNP Paribas Home Finance Limited Home Loan
      "Convenient Loan Process"
      0.5 5.0/5 "Blown Away!"
      I have taken my housing loan with Sundaram BNP Paribas, they offered me 9.5% of interest on home loans. I am paying the EMI for past five years it is good, I didn't face any issues with them. Their loan process was also good and they gave timely service, I am very satisfied with them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • LIC Housing Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have got the home loan with the LIC Housing finance limited and they have approved my property. Rate of interest is good and they have reduced the interest rate according to RBI repo rate. Customer service is good and they have provided me around 80% of cost of home as loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 26, 2017
    • LIC Housing Home Loan
      "Excellent"
      0.5 3.0/5 "Satisfactory"
      I am quite happy that my home loan has been approved by LIC of India and It was pretty hassle pretty hassle free, documentation part was really bad after submitting all the documents they are calling every 15 to 20 days and saying please provide this documents that documents and all. Processing time was around 2.5 months but I had to take loan so only I am ok & satisfied with the services offered by LIC. Rate of interest is 9% & documentation charges where 4000 rupees.
      Was this review helpful? 2
      , vadodara
      Reviewed on May 25, 2017
    • ICICI Bank Home Loan
      "Average Service"
      0.5 1.0/5 "Really Bad"
      Once I approached ICICI bank for a housing loan. When I was inquiring with them about the loan process, they quoted some high rate of interest. I was totally disappointed becasue they are not considering the customers account history and their promptness but blindly they are quoting the highest interest rate. So I stopped approaching ICICI for the loans. I recently taken the loan from SCB.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2017
    • DHFL Home Loan
      "Response has to be improved"
      0.5 3.0/5 "Satisfactory"
      DHFL service is not up to the mark, they wont respond well for any queries. But their loan process was good but their response has to be improved. I have the loan amount of Rs.10 lakhs for the tenure of 15 years, I already paid it for five years remaining I should pay for ten y ears. They offered the interest rate of 12% on home loan
      Was this review helpful? 1
      , coimbatore
      Reviewed on May 25, 2017
    • review Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      CANFIN Homes Ltd provided fast service on home loan, within ten days of time they sanctioned the loan. Process was made simpler, where I had to submit the required documents to them, they had done a great job. I have taken the amount of Rs.17 lakhs with the tenure of 20 years with the interest rate of 8.7% it is floating one, I am very much happy to avail their service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 25, 2017
    • Citibank Home Loan
      "Descent"
      0.5 3.0/5 "Satisfactory"
      I got the home loan with the CITI bank and the interest rate was around 8.5% and now they have increased it up to 14% like I got it before thirteen years of time. Tenure is around four to five years of times are remaining. Rest of the rate of interest everything works in the good way.
      Was this review helpful? 1
      , satara
      Reviewed on May 24, 2017
    • Axis Bank Home Loan
      "Good Response"
      0.5 5.0/5 "Blown Away!"
      Last year I had taken a housing loan from Axis bank. The interest rate is of 9% and I am comfortable with the bank. If I get lesser interest rate than this with any other bank, I will transfer my loan. Customer service provided by them is wonderful
      Was this review helpful? 0
      , thrissur
      Reviewed on May 24, 2017
    • Punjab National Bank Home Loan
      "Excellent and Quick Service"
      0.5 4.5/5 "Excellent!"
      I am from Chennai. I contacted through an online channel. Instantly they started working on from next day. Especially that Representative name Mr.Rajasekaran who is very active, even he is updating each and every day status. If our documents are very crystal clear, they will complete within 7 days. Even he done my loan process within 9 days (including Sat-Sun). Though, Bank is not provide us to check the loan status upfront, but Rajasekaran updating every single activities in the bank. Also, I would thanks to Mr. Vinoth (his manager). Thanks Elumalai J.
      Was this review helpful? 0
      , chennai
      Reviewed on May 24, 2017
    • Federal Bank Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I got the home loan with the Federal bank by 2015 and the rate of interest was around 8.75%, which is floating, also its reduced one. By very next month RBI repo rate will be applicable to the customer EMI. I got around 80% of the cost of home as loan and the collateral is a primary security.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 23, 2017
    • SBI Home Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      In the year of 2014, I had taken a home loan from SBI. The rate of interest was around 10.15% at that time. EMI will be deducted from my salary account every month, so I do not have any interactions with the customer service executives till date.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 23, 2017
    • Punjab National Bank Home Loan
      "overall good experience"
      0.5 4.0/5 "Great!"
      I have overall good experience with this home loan provider in terms of customer service and prompt response. This got better after they have ticketing system on service request on newly launched customer portal. If office is in reachable distance your all concerns will be addressed for sure.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Awesome "
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com process was good one for me and all the bankers have approached regarding the preferences. Website of the Bankbazaar.com is good and I got instant response and everything works in a very good manner with Bankbazaar.com..
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      I got the approval letter from the State bank of India for my home loan. Rate of interest was around 9% and I was not okay with that. Response and other aspects are good with them . Being an under construction property, the loan amount will be get disbursed shortly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 3.0/5 "Satisfactory"
      I am using Bankbazaaar.com from the last three to four months of time. I am happy with Bankbazaar.com in every aspect. I had got a call from them as per their commitment, what they had given for my inquiries also I am very much happy with the service provided by them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • HDFC Limited Home Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      Communication part was not good with the HDFC limited on my home loan like that did not stick to their commitments. Rate of interest was not at all constraint and I would like to suggest that they need to call the customer at a specified time..
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Satisfactory services"
      0.5 5.0/5 "Blown Away!"
      My home loan is from State Bank of India and this process was smooth for me. I had no hassles with the bank in the documentation or in the disbursement. Everything happened on time and and I got the funds I needed with a good deal on the interest and charges.
      Was this review helpful? 0
      , rourkela
      Reviewed on May 22, 2017
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.