Whenever you decide to get a property of your own, you have this confusion about whether you would be able to get one within your budget or not. But seeking pre-approved loans from banks can give a solution for this. Hence today, let’s get the answer to why you should go for the pre-approved ICICI bank home loan?
Brief on Pre-approved Home Loan
Suppose you have planned to have your own house, but before buying that, you decide to apply for a pre-approved home loan. It is just like all other normal loans only, but the difference is that you don’t need to provide any documents regarding the property.
Banks only ask to submit required documents like bank account proof, pan card details, salary proof, etc. However, the applicant should know they must pay the processing charge here.
Now bank adjusts the amount during the time of the disbursement of the loan. In the meantime, the bank also clarifies the CIBIL score of the applicant. If the bank finds out that the applicant has a pre-loan burden, then the present loan amount will be subtracted from the approved loan limit.
Later the bank carries out the validation process. Once done, the applicant will get six months within that they need to find the property. If they fail to find that, they can reapply for the loan because the bank does not have any provision for repaying the processing charge.
What are the Good Points About Pre-Approved Home Loans?
In this section, we will only talk about the pros of the pre-approved home loan
- Easy and Hassle-Free Disbursement of Home Loan
Once you go for the pre-approved home loan option, you will see that most of the verification process is done initially. So the bank takes less time to process the final amount. The whole amount is paid off immediately after the validation of the property papers.
- Focused Searching for a house
When you hunt for one property, you will come across various ones, from villas to apartments. Now with a pre-defined budget, house searching becomes trouble-free. Suppose the preapproved loan budget from the bank is 50 lakhs, so naturally, you will find the house at this price only.
- Easy Negotiation
Pre-approved loan takers are always in a position to bargain with the builders. No doubt they will consider you diligently compared to other buyers.
- Planned Finances
The best thing about the pre-approved loan is that you can plan and arrange your finances accordingly. So this will help people to plan how to save their money and make down payments without any financial dilemmas.
- Few Important Tips
Remember that you should look forward to taking the preapproved loan only after considering some potential assets. Don’t make many applications at a time because it can affect your CIBIL score. Also, be sure to check the terms and conditions diligently.
These are some of the most important facts that give you the answer to your query. So managing finance is not a hectic job when you have the right banking partner with you. Getting insights from experts will certainly help you to deal with the complexities. The professionals will guide you throughout the journey, making the process less intimidating.