For most Indians, taking a home loan process is a prerequisite for buying a home. Banks follow a process of consideration before a home loan is approved as a home loan amount is a sizable sum. The main concern of banks is that the home loan is repaid on time and the borrower does not have any other long standing unpaid loans.

In this article we take a look at the steps that should be followed in order to get a home loan approval easily. Before we start let’s take a look at some of the mandatory home loan process & documents needed to secure a home loan.

Documents required for a home loan 

The documents needed in order to apply for a home loan is as follows:

  • Correctly Filled up  home loan application:
  • 3 passport size photographs 
  • Copy of proof of identity i.e passport, voter id card, driving license etc
  • Residence proof such as utility bill, passport etc
  • Six months bank statements 
  • Personal assets and financial liabilities statement
  • Details of any other loan 

By following the below mentioned 5 steps it will be easier for you to secure a loan and get home loan approved approval instantly. The five steps are as follows:

Eligibility criteria for home loans 

Do you have the finances to make monthly installments to pay back the loan within the stipulated period of time? Banks that offer loans look into your credit history as well as your proof of income before giving you a loan.

Banks have different salary requirements according to the city that you live in. For example, in Delhi, the minimum salary required to get a home loan is Rs. 50,000 P.m. However the minimum salary required for other cities like Nasik is Rs 40,000 P.m.

Knowing what the minimum salary requirement to get a loan,  can speed up your loan process and ensure that your loan is approved. 

Make a larger down payment

A down payment is the money you give the bank in order to secure a loan ??? which is part of the loan amount. It is advised to make a minimum down payment of at least 20% of the property value.

Paying a large down payment may secure you lower interest rates and show credibility to bankers that you will pay back the loan amount within the fixed time period.

Have a good credit score

Credit score is one of the most important factors that banks consider before giving you a loan. You have to have a good CIBIL score in order to secure a loan. CIBIL score will give bankers a credit history of yourself, if you have any loans due, and how much of a loan amount you are eligible for. 

Use the co-applicant feature

Having a co-applicant or your home loan makes it easier to pay back the sum of money in less number of years. Make your parents or spouse a co-applicant of a home loan if they are earning income as this will increase chances of getting your home loan approved.

A co- applicant shows the bank that you have two incomes paying for the same loan and hence helps you secure a home loan with ease.

Take the time to fill-up your application form 

No matter the types of home loans, sometimes loans are disapproved because the applicant filled up the wrong details in the loan application form. Pay careful attention when filling up the form and have all your documents ready for the bank’s perusal.

Avoid making mistakes and fill the form without any errors. The form should contain the correct details of your income and credit history so that you can secure a loan straight away. 


Getting a home loan is the first step to purchasing a home. Most people require a home loan to buy a new home. Ensure that you have all the documents necessary before applying for a home loan as this will quicken the home loan process. Follow the above steps so that you get home loan approval swiftly and without any hassle. 

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