Finance
Home Loan Checklist: 7 Things to Prepare Before You Apply
A well-prepared file gets approved faster and often at a better rate. Use this checklist before you talk to a bank.
Home loan approvals depend as much on preparation as on your income. A complete, well-organised file reduces back-and-forth with the bank and puts you in a stronger position to negotiate the interest rate.
The checklist
- Check your credit score. A score above 750 usually unlocks the best rates. Fix errors in your report before applying.
- Know your eligibility. Most lenders keep total EMIs within 40 to 50 percent of your monthly income.
- Plan the down payment. Banks typically fund 75 to 90 percent of the property value; the rest, plus stamp duty and registration, is on you.
- Keep KYC and income proof ready. PAN, Aadhaar, salary slips or ITRs, and six to twelve months of bank statements.
- Verify the property. Approved plans, title documents and RERA registration matter for both you and the bank.
- Compare more than the rate. Processing fees, prepayment terms and insurance add-ons change the real cost.
- Choose the right tenure. A longer tenure lowers the EMI but increases total interest paid.
AutoMediaX works with multiple banks and housing finance companies, so we can compare offers side by side and manage the paperwork through to disbursement.
