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A pre-approved home loan comes with very attractive features and benefits. The benefits of a pre-approved home loan are as follows:
- You will be in a better position to negotiate with the lender
- Loan processing becomes easy and fast
- You can do better financial planning
- The borrower is in a better position to search for a suitable property
Better position to negotiate with the lender: Since your loan has already been pre-approved, you can easily negotiate with the lender. The lender is already assured of your finances and that you will repay the loan without defaulting. So not only can you get a lower interest rate on your loan but also get a flexible tenure to have budget friendly EMIs.
Loan Processing Is Easy and Quick: The application for a pre-approved home loan is processed very quickly and the amount is disbursed fast. This is because the documents have already been verified by the lender. The only process left out is the property document verification and other legal formalities. As soon as these documents are checked, the loan amount is credited to your account.
Awareness About Your Home Loan Eligibility: As it is a preapproved loan, you will be knowing about your home loan eligibility. So, you will not face the risk of your loan application getting rejected by applying for a larger loan amount.
Well-planned Purchase of The Home: If your home loan is pre-approved, then you will apply according to the budget feasible for you to pay. In this way, you can zero in on your home loan purchase easily. For instance, a person with a pre-approved loan offer for 50 lakhs will look for a home that is 30 to 40 lakhs worth.