In this era of boom in the real estate market, acquiring a home loan is a crucial step when it comes to achieving ones dream of owning a house. The worry or perplexity regarding one particular question is still a common thing among almost all applicants which is: what is the time taken to process a home loan and its approval? We at Today Finserv Consulting India have worked tirelessly to ease the home loan burden for our customers.
Knowing The Steps In The Home Loan Approval Process
Before we start thinking about how long the process will take, it is vital to understand that there are several stages that a loan undergoes before being finally approved and issued which includes:
- Initial Evaluation Along With Eligibility Assessment
- Application Submission
- Document Review
- Credit Appraisal
- Loan Sanction
- Verification of Property From Legal and Technological Viewpoint
- Signing of Loan Agreements And Final Disbursement
With the correct information, the total approval time will take anywhere between 5 days to 3 weeks depending on several components.
Normal Home Loan Approval Timeline
Proposed Consultation and Eligibility Verification – 1 to 2 Days
This is the prelimiary stage in which a loan advisor helps, or one makes use of online calculators, to verify one’s financial eligibility. At Today Finserv, we offer free eligibility asessment and we recommend best suited lenders as per your profile income, credit score, and other parameters.
Submission of Loan Application – 1 Day
After every thing is confirmed, one fills a loan application form alongside relevent documents. This can literally take less than a day due to the existence of online platforms and digital onboarding.
Verification of Documents – 2 to 4 Days
The lender or bank checks all the documents submitted: identity proof, income proof, bank statements, and papers relating to the property. Any missing documents or discrepancies will probably slow this stage down.
Tip: Avoid submitting incomplete and inaccurate documents to lessen delays.
Assessment of Creditworthiness – 1 to 3 Days
Lenders will assess your credit score ( CIBIL or alternative bureaus ) along with the stability of your income, previosly existing liabilities, and repayment history. One’s risk profile and possibility of loan approval is decided during this step.If there are no problems, a sanction letter is issued, however issues like a low credit score or inconsistent income may result in longer processing times or even lead to rejection.
Legal & Technical Verification – 3 to 7 days
After the sanction, the bank conducts a legal and technical review of the property. Legal verification confirms the absence of a clean property title and/or ongoing disputes. Technical verification analyzes the physical condition, location, and the market value of the property.
For properties that are still under construction, this may take longer in evaluating the construction stage.
Final Loan Agreement & Disbursement: 2 to 3 Days
After the legal and technical review is completed, these checks are verified, and will you sign the loan agreement, after which the agreed loan amount will be disbursed to the seller or builder, depending on the contract terms in either a lump sum or in installments.
Factors That Affect Home Loan Approval Time
Completeness of Application
Incomplete forms often result in delays due to the need for additional communication.
Document Accuracy
Legibility, description, and validity of a document affect verification. Varying documents often lead to multiple verification which lengthens the process for approval.
Credit Score and History
When assessing an applicant, a bank will analyze the provided credit score and the history of bill payments. In the case where payments are consistently delinquent or the score is low, the process tends to take longer.
Type and Location of Property
Remote or disputed ownership properties are often harder to legally verify the technical status. This form of verification can take an extensive amount of work.
Employment Type
Self-employment releases slower income than employment does. Therefore, self-employed applicants typically receive lower approval speeds than their colleagues on a set salary.
How to Expedite the Approval of Your Home Loan
Today Finserv Consulting India suggests the following actions to avoid unnecessary delays with enablers to a home loan approval:
Keep High Credit Ratings
If your rating is above 750, you not only have increased approval chances but speed. Make sure all pending credit dues have been settled before applying.
Get a Pre-Approval
With a home loan pre-approval, you will be able to figure out what loan amount you are eligible for prior to selecting the property. It aids in negotiation and saves time during finalization later.
Keep Your Documents Ready
Your PAN card, Aadhaar, pay slips, ITR, and property docs should be readable and up-to-date. Follow the instructions of the checklists provided by lenders, or ask our experts.
Work With Providers Who Process Application Online
Some of the lenders advertise same day approval with eKYC onboarding for fast processing. Contact us through our platform and we will direct you with such lenders for quick fund disbursal.
Consult a Loan Broker
In case of complex instances, having someone like Today Finserv who specializes in this area can be useful. They can liaise with banks on your behalf, check your submission status, and provide feedback on resolution steps.
What Makes Today Finserv Consulting India Different?
We are more than just a loan consultancy; we become your financial ally during the entire home buying experience. Here is what makes us popular with thousands of customers:
✅ Complete assistance with the loan application process
✅ Collaboration with over 25 premier banks and NBFCs
✅ Tailor-fitting loan selection to your profile
✅ Loan approvals through priority processing are quicker
✅ Help with the property inspection and verification of documents
✅ No concealed costs or extra fees
Our team assists you, whether you are a new home buyer or looking for a balance transfer, so that your loan process is efficient, economical, and streamlined.
Conclusion
The timeline for home loan approval typically varies from 5 working days to 15 working days, depending on documents required, credit score, type of property, and the financial institution’s processes. The right strategy paired with the right partners can facilitate accelerated approval timelines.
At Today Finserv Consulting India, we relieve you of the hassle by easing the complexities of the home loan processes with expert advice, customized solutions, and faster processing.
