Owning a home is a dream come true moment for everyone. But, not everyone can afford to buy a home by paying down. Even if you can afford to pay the entire amount, it is not a good idea to deplete your entire savings and invest in buying a home. So, you can then take a home loan. A home loan is a loan obtained to buy a property by offering it as collateral. Home loans come at economical interest rates, viable loan tenures, and high funding. The loan is usually repaid in EMIs. 

What Must Be Done For A Home Loan Application To Be Accepted?

The lender decides whether to approve your loan application or not based on the following factors: 

Credit Score:

The credit score must be 750 or above for your home loan application to be accepted easily. If your credit score is poor, then your home loan application will be rejected. Check your credit score and credit report before you apply for a loan. You can do a free credit score and credit report check at creditmantri.com . Take steps to improve your credit score if it is not good in order for your application to be approved. For example: repaying all your debts will improve your credit score.  

Loan Amount:

Sometimes, when you apply for a loan, the amount you have applied for may exceed the amount you are eligible for. In that case, your loan application will not be accepted. So, you can increase your down payment and enable the amount applied to match the eligible amount. 

Multiple Current Loans:

Having multiple current loans will result in your application being rejected. So, clear off your ongoing loans as much as possible before applying for a home loan. 

Add A Co-Applicant:

Adding a co-applicant will increase the chances of your loan application being accepted. The creditworthiness of the co-applicant will be taken into account for determining your eligibility. 


Some lenders will reject your loan application if you have been switching jobs too frequently. So, if you have been working with your current employer for a short time, then you can consider applying for a home loan after you have been with the present employer for a considerable amount of time. This way, your home loan application will be accepted. 


Give the proper loan documentation. You can consult the bank’s customer service to help you with the proper documentation.

Some of the important documents include:

  • identity proof
  • residential proof
  • bank account statements
  • income tax returns
  • income proofs
  • Property papers

Also Read: 10 Smart Tips to Get Your Home Loan Approved Quickly