The purchase of property is one of the most anticipated events of a household, but sufficient capital is required to turn this dream into reality. To meet the requirements of capital, most Indians rely on home loans. Since these loans are becoming easier to avail of, the dream of being a homeowner is now closer than ever. All you need to do is ensure that you meet the eligibility criteria set by your financial institution to get a home loan in no time. But this brings up a question, exactly, how long is the average home loan processing time? Well, here are a few things that you should keep in mind regarding the home loan processing time.
You might have heard that taking out a home loan is quite a time-consuming and harrowing task, but that’s not always the case. To ensure that it goes smoothly, the borrower needs to duly fulfill the requirements specified by a financial institution.
These include documents, meeting the eligibility, and a guarantor in some cases. That’s why it’s recommended to have a complete understanding of the process of applying for a home loan. This will help you prepare better and get resolutions faster.
Here’s a quick overview of the home loan process.
This should have given you an idea about the home loan process, but what about the home loan processing time? Let’s find out.
The home loan processing time of a loan depends mostly upon the lender in case of no external problems. Different lenders will have different home loan processing times. This is mostly due to the internal mechanics of the lenders, such as document verification.
This means that if you approach two different lenders, you will most likely have different home loan processing times. Another point of difference is the borrower itself. For example, salaried professionals will have shorter home loan processing times as compared to self-employed individuals.
However, generally speaking, if everything is in order, then you can expect the disbursal of your loan within 1-2 weeks post-signing the documents. Here are some points to help you understand the nuances of a home loan process.
Thanks to online banking facilities, the home loan processing time has come down by a significant margin. To accelerate it even further, it is essential to cooperate fully with the lender and understand the requirements. If you are an employee of a financial institution, getting a home loan from there would be quicker. Since they already have a lot of your documents, it brings down the time significantly.
While your home loan may take some time to be disbursed, you can rest assured that HomeCapital will quickly approve your request for a down payment loan. Fill out the online application form to get an interest-free down payment loan of up to 50% of the down payment amount. You also get the option to repay the loan in a flexible tenure as per your suitability.
Take the first step to home ownership with HomeCapital, get eligibility and in-principal sanction letter in one minute.
Click to get started.
Listen to our podcast
Find projects based on your interests
Calculate down payment assistance amount
Sign up and make the most of our member benefits today.
Join Community