Imagine you spent months in finalizing your investment decision in Godrej Nurture. You booked the property, paid the booking amount and bank on the home loan for the remaining purchase.
Unfortunately, your application for a home loan gets rejected because of some reason, maybe some issue with the developer, or with the property documents, or your income or credit score anything it can be. This is a serious trouble, either you have to manage your funds or you have to cancel the deal. But Wait! do not expect that the builder will refund your booking amount by any chance. Or imagine another situation where your home loan took too long to get processed that the property Godrej Nurture that you were investing in was sold to someone else.
What you would do if stuck in these situations?
To avoid such scenarios, a new type of lending comes into the frame, called the Pre-approved Home Loan. In Pre-approved home loans, the in-principal amount is approved and given by the banks even before you select the property to capitalize your money. The financial Institutes measures your repayment capacity or the credit score and simply on this basis, the principal amount of the home loan is defined. Once the borrowers are given the approval of this loan, they can avail the loan within 6 months.
Why aspiring buyers should go for a Pre-approved home loan?
Pre-approved home loans are easy to get and has many appealing features. Firstly, when a person knows his borrowing capacity well in advance, he will search for a home within that range only giving them the opportunity to plan their finances in a better way. Otherwise, the buyer may invest his effort and time in some property that does not fit in his capacity.
Secondly. In such type of loan, the verification of the borrower his credit score all is done well in advance. The only thing left to verify is the property, which is done as soon as the buyer finalize it. So, the loan is disbursed faster as compared to the general home loan.
Thirdly, the buyers have a better negotiating power when the sanction letter of the pre-approved loan is on hands. The builders consider such buyers to be the genuine one and offers some discounts on the total deal.
Fourthly, the worst feeling ever when you fail to buy your dream home simply because your application for a home loan was not granted. And as this will affect your credit score you don’t even have the option to go to the next lender. Pre-approved home loan saves you from this shock. As and when the property is found not guilty of any issues, the loan is given like that.
The bottom line says….
Pre-approved home loans are the best option. It is less risky and the person becomes aware of his home loan eligibility. But everything has the other side of it as well, it is better for you to apply for a pre-approved home loan for your home in Godrej Nurture property only if you are certain to buy this luxurious yet affordable homes at Sector 150, Noida.
Reference Links:
https://sites.google.com/view/godrej-nurture/
https://godrejnurture.weebly.com/
https://1690602.site123.me/blog/godrej-nurture-what-makes-it-apart
https://housing.justlanded.com/en/India_Uttar-Pradesh/For-Sale_Apartments/Godrej-Nurture
http://www.grihhpravesh.com/want-to-buy-a-residential-property-heres-how/