Anyone who has faced the process of housing finance is well aware that it can be slow if they do not have the right information in order to have the credit approved. A series of documents comes together, and there comes a lot more requests from the financial institution to complement the analysis!
If you are on this journey and want to save time and effort like capital smart city Islamabad , stay tuned to these tips to speed up your credit approval for home financing!
1. Open a bank account
Most of the financial institutions that provide housing finance give advantages to those who already have a relationship with the bank. If you have a good relationship history then even better. So, if you are planning to finance your own home, choose your bank right now and guarantee your benefits!
2. Move your account
But, of course, there is no point in just opening an account. Inactive accounts or with little financial movement do not help to get the credit approved quickly. Ideally, you should use the chosen bank as your base for receiving funds, whether from work or other sources of income.
3. Have proof of income always at hand
Credit approval can take days, weeks and even months, depending on the requirements of the bank from which you intend to finance the property. And one of the constant requests from banking institutions is the updated proof of income. It is best to have them all scanned, to send them immediately when requested. So you guarantee more agility in the process.
4. Keep an eye out for restrictions
One of the reasons why banks deny credit approval is when the customer has restrictions on their CPF. Overdue bills, protested debts and compromised credit cards are some examples. Often, we have our CPF registered with credit protection agencies without even knowing it, so it is essential that you make an appointment before applying for your first home loan.
Another measure that will be well regarded by the banking institution is to sign up for the Cadastro Positivo, a Serasa initiative that aims to help good payers. When you have your name on it, companies have access to your registration and find out if you pay your bills on time or not, which guarantees you an advantage when you have your credit approved.
5. Check your monthly income
The rule is clear when it comes to home financing: the value of the installments cannot exceed 30% of the total value of your income. Assuming that you earn 5,000 reais per month, your share cannot exceed 1,500 reais.
And if it is not possible, what to do? Compose income. If you are married, add your income to that of your spouse. If you are single, try to compose income with a brother or your parents. What the bank wants is the guarantee that the installment will be paid.
Just be careful that this person has no restrictions on the CPF or any problem with the financial institution!
6. Consult a system specializing in real estate financing
To make life easier and get your credit approved as quickly as possible, consult a system specializing in real estate financing. You forward all the documentation to the company in question, which makes the prior analysis and sends it to the banking institutions, helping you to obtain better payment terms and the long-awaited credit.
Don’t give up on the dream of home ownership for a simple complication! Learn how to beat the bureaucracy of real estate financing and celebrate your achievement!