Congratulations, you’re finally ready to buy a home of your very own! However, unless you’re born with a silver spoon in your mouth, chances are you’re looking to take out a home loan in order to finance your home purchase, and you’ve heard many horror stories about high loan rejection rates. And yet if you tread correctly, did you know that there are ways to get your home loan approved fast? Read on!

Provide Complete Documents

As with all other formal applications in life, you should always ensure that you fulfill all requirements before or as soon as you submit an application, and this includes submission of all necessary documents. Read their list of requirements carefully and tick off what you have provided until you have everything ready. This will help keep the loan application process moving and more importantly, keep it out of the reject pile for being incomplete.

Decide Fast

Your banker may ask you to make decisions at several points during your home loan application, such as the loan tenure you prefer. It is understandable that you may need some time to make such big decisions – a longer loan tenure, for example, will mean more paid in interest over time – but make your decision promptly. At the same time, make sure you fully understand any and all implications of your decision before agreeing. It never hurts to be careful.

Service Existing Installments On Time

Almost nothing raises a red flag for banks faster than a black mark on your credit score. A skipped credit payment, be it for your installments, credit card, or other loan, will instantly be recorded on your credit rating and remain there for years, tarnishing your reputation among the banks. That one late payment may just cost you your loan, so make sure your repayments are on the dot to prevent banks from hesitating!

Don’t Make Big Purchases

Among other factors, banks will consider your monthly household income when determining the value of your home loan. So if they notice that you’ve been making several big purchases (especially on credit) the few months before you applied for a home loan, they might worry that your reduced dispensable income might make it difficult for you to repay your loan to them. Basically, if you’re set on buying a home, don’t buy expensive cars or jewellery until you seal the deal!

Don’t Conduct Suspicious Banking Activities

Many seemingly innocuous things may end up appearing suspicious to banks. You may think that there may be nothing wrong with making a huge deposit in your bank or with transferring a large amount of money interbank between your own bank accounts, but even these things raise red flags for the banks. Try to refrain from such unusual activity unless you have a constant and valid reason for doing so, such as monthly payments of your employees’ salary, because otherwise banks may question the substantial suspicious activities and delay or even deny your home loan allocation.

Don’t Apply for More Credit

A home loan the second biggest type of loan you’ll take in your life for many people, so the last thing you want to do is to apply for another loan on top of your home loan! Since a home loan involves a large value, your disposable income must look pristine to banks in order for them to highly consider approving your loan. Taking on another loan or another credit card will reduce that disposable income in their risk calculation and subsequently lead to further consideration or, in the worst case, higher rejection rates.


It may seem daunting, but if you proceed properly with everything in order, your home loanstands a higher and faster chance of being approved!

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