How Home Loan Pre-Approval Helps l Pre-Approved Home Loan Advantages

Описание: We discuss how home loan pre-approval helps or how pre-approved home loan help. We discuss the features of pre-approved home loans and their advantages.
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Edited Highlights
00:00 Chapter 1 Introduction
00:05 Here, we discuss how home loan pre-approval helps
00:20 We explain how it helps in the home loan and home buying process
00:38 We cover different aspects of home loan pre-approval, their benefits and key points to remember
00:48 Home loan pre-approval is an in-principle approval of home loan
00:54 This could be by a bank or Non Banking Finance Company (NBFC)
1:07 A certain home loan amount is offered at a certain interest rate for a certain term
1:14 The offer is valid for a certain period of time
1:24 It provides benefits for property search and the home loan process

2:12 Chapter 2 Home Pre-Approval 101

2:37 Home loan pre-approval offer is typically valid for 3-4 months
2:53 Home loan pre-approval is given on the basis of your financial standing or wherewithal
3:00 This means your creditworthiness involving your income, investments and loan repayment track record
3:12 It is offered when you have not selected the property and that is when it helps too
3:18 You establish your home buying budget since savings will supplement the home loan
3:33 Prominent institutions allow you to make online application
3:57 Final home loan terms, after property selection, can differ from pre-approved home loan terms
4:08 Lender takes into account the property to determine details like home loan amount
4:18 Pre-approved home loan is advantageous for properties approved by the lender

4:33 Chapter 3 Advantages of Home Loan Pre-Approval

4:43 Home loan pre-approval give you an idea of the home buying budget

5:02 This helps you focus on searching for properties within the budget
5:10 You can single-mindedly focus on property search without worrying about home loan sanction
5:24 Your negotiation power improves with a home loan pre-approval
5:38 You can negotiate prices and avail discounts better
5:57 You can snap up offers from sellers without worrying about home loan disbursement delays
6:07 With home loan pre-approval an important part of the home loan process is complete
6:15 With technical and legal aspects of the property to be dealt with, loan disbursal is much quicker
6:33 Home buying also becomes quicker

6:46 Chapter 4 Points To Remember
6:58 Rejection of home loan pre-approval application impacts your credit score
7:15 You will typically need to pay non-refundable processing fees
7:22 Loan amounts for other loans will become lower due to home loan pre-approval
7:43 After pre-approval, avoid job shifts, large new loans and purchases
7:48 They alter the financial standing on the basis of which home loan pre-approval offer was made
8:27 Like any home loan application, you need documents to support your identity and financials


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