A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 45 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
    Rs.5,000 Amazon voucher free
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.75% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    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
    Rs.5,000 Amazon voucher free 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
    Rs.5,000 Amazon voucher free
    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
    Rs.5,000 Amazon voucher free
    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
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.35% - 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
    Rs.5,000 Amazon voucher free
    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
    Rs.5,000 Amazon voucher free
    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
    8.65% - 8.85% Floating
    0.5%
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria

    Pre-Approved Home Loan is Rated as "Great!" by 22643 Users

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    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.

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  • Pre-Approved Home Loans Reviews

    • Bank Bazaar Customer Support
      "Home Loan application is experience is very easy and good.."
      0.5 5.0/5 "Blown Away!"
      Awesome experience at Bankbaaar.com. The process for applying the online application loan is very easy and it is very much flexible too. It took only 10 minutes to apply an online application instead of going to bank and standing in Queue. Definitely I will recommend this site to my friends and colleagues too.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 27, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have received a home loan from SBI on 2013. I got the SBI home loan within 10 to 12 days of time. I am happy about the loan amount. The rate of interest was low, when compared with others. The customer service with SBI is really good. I am satisfied with the home loan service offered by SBI.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 27, 2017
    • ICICI Bank Home Loan
      "Need Transparency in the process"
      0.5 3.0/5 "Satisfactory"
      I have got the ICICI bank home loan around 12 years ago. The executive has promised that they will offer the loan with flat interest rate but in documents I found it was a floating interest rate. ICICI need to stick on their promises. The rate of interest is nominal at present. ICICI can still increase the loan amount. I am satisfied with the ICICI bank service.
      Was this review helpful? 0
      , varanasi
      Reviewed on Jun 27, 2017
    • Bank Bazaar Customer Support
      "Home Loan"
      0.5 5.0/5 "Blown Away!"
      Hassle free and easy. I tried for home loan from ICICI and everything was done through online. Great customer support. I'm really happy with their process and really appreciate the overall experience with Bank Bazaar. Thank a lot Bank Bazaar for helping me and I leave a message for future customer to rely on them and just go for it !!!
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 26, 2017
    • Bank Bazaar Customer Support
      "HL Balance transfer facility"
      0.5 4.5/5 "Excellent!"
      Great website to check the offer for multiple banks in a single page. Also it supports in calculating the EMI with multiple options to know about the EMI with loan amount, duration, and interest rate and it also gives an option to make a reverse calculation and identify the required EMI/Duration/Rate of interest by giving other parameters as input,
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "AMAZING"
      0.5 4.5/5 "Excellent!"
      Very simple and fast process as I experienced. I think it is better option rather than approaching offices for applications and validating it etc. You can access the review as well compare it with the proposals of other agencies. You can opt for the best option.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Better "
      0.5 5.0/5 "Blown Away!"
      It was a good experience with bankbazaar, I am using it from the last two months of time, also its my first time experience. Service and other aspects are good one with the Bankbazaar.com. Response is the best with them, also they are providing the feedback based on my queries.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 24, 2017
    • HDFC Limited Home Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I have postponed my plan due to some other personal reason with the HDFC limited for the home loan. I would like to say that the rate of interest was a kind of okay for me on that time . Customer service and other things are good one with the HDFC limited.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 24, 2017
    • HDFC Limited Home Loan
      "Good Process"
      0.5 4.0/5 "Great!"
      I had availed home loan from HDFC ltd. I had got this loan for 18 lakhs. And the interest rate in the beginning was around 9.50% after which I put an application to reduce the interest rate, hence they reduced it further to 8.50%. There were no challenges with the bank during the entire loan process.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 24, 2017
    • Bank of Baroda Home Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      I have got the home loan with the Bank of Baroda and the interest rate is around 8.35%, also the loan amount got disbursed in couple of months of time. Document collection is like a kind of lengthy process. Processing charges were not okay for me, also they lack when it comes to transparency. They advised me to take the mortgage, which does not applicable with any other banker.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Awesome"
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com is a good one, they have so many wide options, also the services are really good one for me, also they are providing the maximum accuracy , while it comes to the matter of interest rate. Customer service and other things are the best with the Bankbazaar.com.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 24, 2017
    • Indiabulls Home Loan
      "Good "
      0.5 4.0/5 "Great!"
      I had an issue with my existing bank and that issue got resolved, so I have not dealt with the Indiabulls as of now. Rate of interest was around 8.5% with the Indiabulls for the home loan but that was on the paper. Customer service was good one, also they have followed on time and again. I would like to say that the bankers should stick with the commitments, especially when it comes to interest rate.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 24, 2017
    • HDFC Limited Home Loan
      "High on ROI"
      0.5 4.0/5 "Great!"
      HDFC LTD has provided me the home loan with ease. I did not have to follow much on the process. I got the loan on time. The verification went well too. The institution is very high on the interest rate and the processing charges are also very high.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Immediate response"
      0.5 4.5/5 "Excellent!"
      Bankbazaar.com have contacted me within five to ten minutes of time, also the response is very prompt. They have forwarded the information to the bankers on immediate basis. Customer service is good and the website is easy to access.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      HDFC limited have contacted me after sometime from the time of inquiry for the home loan. Rate of interest was around 8.5%, which was bit huge one for me , also I am okay with that. Customer service and other things were good only.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Centralized online portal to make the comparison"
      0.5 3.5/5 "Pretty good"
      Bankbazaar.com is good thing like I can make the comparison of every bankers relating to the financial requirements. I would like to say that they could make the information to be get forwarded to unique bank only, which customer is really opted. Online portal of the Bankbazaar.com is an average one.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Service to be get improved"
      0.5 1.0/5 "Really Bad"
      Nobody have contacted me from the HDFC limited for the home loan, which I have inquired. Rate of interest was around 8.6%, also I am okay with them. In future, I would like to go ahead with them in future and I request them to contact the customer as soon as possible.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Fantastic "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is very good and am using it from the last two to three years of time. I would like to say all the current scenario of the financial market can be understand through the Bankbazaar.com, also the online portal is very much easy to access.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 22, 2017
    • HDFC Limited Home Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I did not taken the home loan with the HDFC limited because I have already arranged the funds from my end. Customer service is very good one and the response is also good one. The rate of interest was around 8.5% with the HDFC limited, also I am comfort with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is very helpful and they have contacted me for many times, also in future I would like to go ahead with them only for the financial requirement. Response and other things are also fine one with the Bankbazaar.com.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
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