What Are Pre-approved Home Loans?July 17, 2023

home loan approval

It’s a common practice in India to use home loans to furnish the purchase of one’s long-cherished dream home. And to secure the process further, potential homebuyers can also opt for a pre-approved or pre-qualified home loan too. A pre-approved loan is basically an in-principal approval based on the homebuyer’s repayment capacity. The process includes the loan disburser evaluating the homebuyer’s creditworthiness and financial viability to repay back the loan. It also helps determine the maximum home loan amount the buyer qualifies for. This gives the homebuyer an idea of their available budget.


Validity Period

Do note that pre-approved home loans come with a validity period which is usually three months. If the borrower fails to finalize on a property before this period, they will need to get their loan application reappraised again with the latest income-proof documents.


Terms and Conditions

Do note that a pre-approved loan doesn’t automatically assure you of a guaranteed home loan. This is because loan terms keep changing and features such as interest rates, EMI and tenure can change with time. This also means that the terms of your pre-approved loan can change anytime! Aside from this, the loaner bank will also conduct an evaluation of the finalized property and check if it meets their requirements. They could also reevaluate the homebuyer’s financial standing before finalizing on a home loan agreement.


How to apply for a pre-approved home loan:

Application process


This includes filling out an application form and providing all pertinent details related to income, assets, debts, etc.


Document presentation


Provision of supporting documents such as bank statements, tax returns, salary slips, etc.


Credit history


The disbursing bank reviews all the details provided, including the applicant’s CIBIL scores and their credit history. A credit score of 700 and above improves the chances of getting a pre-approved loan.




The bank will also undergo the process of verifying all the information and documents provided by the homebuyer. This will include verification of place of work, financial details, income, etc.




If the property buyer is found to have a sound financial profile along with solid creditworthiness, the bank will offer them a pre-approved loan. The letter will mention the loan amount approved, interest rate and other essential details.



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The information provided on this website is meant for general guidance. Though we have taken utmost care on the accuracy of the contents, the customer should make an autonomous assessment of the contents. However, the prospective buyers should rely upon the terms and conditions of the sale and construction agreement between the Builder and the Client.

The visuals of the projects symbolize artistic impression only. The information contained herein including the fittings, finishes, features, floor size and color etc. in the visuals are subject to change. However, the plans & specifications indicated in the Builder and Client agreements are final and we have not authorized anyone to make any oral commitments or promises on our behalf in regard to the plans and specifications of the apartments/projects.

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