Your guide to choosing the right home loan for you

With the property rates in India touching the skies, the only way for one to own a home is by getting house loans. It’s a practice as old as time to buy property as investment and also to take loans to purchase new property. Years ago, our ancestors would take loans from the wealthy men in the village to expand their businesses and provide for their families. Today, that practice has been polished and now we can take home loans from banks, in a sophisticated, organised and official way.

Most people today, prefer to get their home loan online. This is because, like almost everything else, getting a home loan online is easier, more convenient and you can also explore more option in a one place than is possible for you to do in person. You can also find the best housing loan interest rates online and find the loan that suits your needs the best.

The processes of getting a home loan, housing loan tax benefits and choosing the right home loan can be a very daunting task, especially for someone who is a novice at finance matters, hence here’s a guide that will help you choose the right home loan for you.

1.   Eligibility: To get home loans you need to first check your eligibility. Salaried people usually find it easier to get home loans, but that does not mean that self employed people never get them either. If you can provide enough proof of income to satisfy your loan provider that you will repay the loan then your loan will get sanctioned. Another thing is the amount of loan you’re eligible for, this is based on your income, assets and your repayment capability.

2.  Housing loan interest rates: This is perhaps the most important thing that you should know and understand before you apply for a home loan. Housing loan interest rates are of two types, fixed and floating. A fixed interest rate is where you pay interest at the same rate throughout the term of your house loan. A flexible interest rate is when your interest is subject to market changes and can fluctuate due any change in the market.

3.  CIBIL Score: Your CIBIL or credit score is a very important factor to take into consideration when applying for a home loan. When you borrow or even apply for a loan you bank takes in to consideration the your credit score which includes your credit status, your spending habits and your income.

NRI Home Loans – Five important things to know

NRI home loans have been made super accessible and instant so that more and more NRIs can now own homes in their country. Previously, this process was long and tedious and required a lot of visits to the bank by the person asking for a loan. That’s one of the reasons why NRIs chose not to go through the trouble of applying. But all that has changed now, and NRI home loans are easier to get than ever before.

Home loans for NRIs do come with a bunch of stringent guidelines though and if you adhere to them you can easily get home loans approved. The first thing to keep in mind when applying is, the person applying for an NRI home loan should have worked in a foreign country for over a year. In the case of a self-employed person, this requirement is extended to three years. There is an income criteria as well. The minimum income for the applicant to be eligible for an NRI Home Loan is different for different banks but on an average, one must have an income of 30,000 USD or 35,000 DHM (for people residing in the UAE).

So, if you too want to invest in your home country, here are some more important things you should know about loans for NRIs.

1.  An NRI is defined by the RBI as a person who holds a valid passport but is immigrating to another country for an undecided period of time, for employment purposes or to carry out a business. Only a person who is employed or has a business outside India is eligible for an NRI home loan.

2.  The amount that is sanctioned to you as a loan will greatly depend on your educational qualifications and overall income. Normally a loan is sanctioned for 80% to 85% but the amount sanctioned will be decided on the basis of your monthly income.

3.  The NRI Home Loan Interest Rates in India for NRI’s is normally higher than the interest rate that is offered to residents. This is due to the increase in risk factors. Normally, the difference ranges from 0.25 to 0.5%. 

4.  The documents required for an NRI home loan are largely similar to the ones required for any other loan. An NRI will additionally require his/her passport, Visa, work permit, employment proof etc.

5.  All payments towards this loan need to be done in the Indian rupee and not the currency of the NRIs current residence.

This Gudi Padwa Know about the different types of Home Loans and choose your best fit

Gudi Padwa just went by, and like every year banks and finance institutes all over the country are offering attractive deals on home loans. This is the time of year when everyone is in a hurry to get their finances in order. With loan rates being favourable, now perhaps the best time to get your housing finance. The financial is coming to an end soon, which means most of us will be receiving handsome bonuses as well. This makes the coming few days the best times for us to invest in new things, be it property, automobiles or any other sort of investment.

For someone who is new to the world of finance or, has recently started earning, understanding home loans and home loan interest rates can be quite daunting. But this knowledge can help you make good financial decisions, in the future if not immediately.

The most basic thing you need to know about house loans is that they have two main types of interest rates. These are fixed and floating interest rates. Banks and non-banking financial companies offer both fixed and floating interest rates. Since home loan interest rates are the most important aspect of the loan, getting it right is the key to repay without any financial stress or default over time.

Here are a few key things that you should know about home loan interest rates.

1.  Fixed rate of interest on a loan means that the equated monthly installments or EMIs are constant over the tenure of the loan. On the other hand, for floating interest rates, the EMIs fluctuate as per the market dynamics as interest rate increases or decreases.

2.  Fixed interest rates are always set higher than floating interest rates, by 1 to 2.5% at the time of the sanction of the loan. This can be both and advantage and a disadvantage. Since these rates remain constant you don’t have to worry if there is a hike in the housing loan interest rates due to the passing of a bill or implementation of a new rule, but at the same time if the rates see a dip, there is no benefit to you.

3.  Floating interest rates are usually lower than fixed interest rates although parameters like inflation and current account deficit are used in calculation of base rate by RBI which can mean an uncertainty and different EMI for each repayment or installment for the loan. This can be difficult to keep track of as each installment may be different.

These are the most basic things you should know about housing finance, there is much more to learn, but as they say, if you’re clear on your basics you should be able to make wise decisions about your finance.

What you should know about home loan interest rates before you get a loan

Gudi Padwa just went by, and like every year banks and finance institutes all over the country are offering attractive deals on home loans. This is the time of year when everyone is in a hurry to get their finances in order. With loan rates being favourable, now perhaps the best time to get your housing finance. The financial is coming to an end soon, which means most of us will be receiving handsome bonuses as well. This makes the coming few days the best times for us to invest in new things, be it property, automobiles or any other sort of investment.

For someone who is new to the world of finance or, has recently started earning, understanding home loans and home loan interest rates can be quite daunting. But this knowledge can help you make good financial decisions, in the future if not immediately.

The most basic thing you need to know about house loans is that they have two main types of interest rates. These are fixed and floating interest rates. Banks and non-banking financial companies offer both fixed and floating interest rates. Since home loan interest rates are the most important aspect of the loan, getting it right is the key to repay without any financial stress or default over time.

Here are a few key things that you should know about home loan interest rates.

1.      Fixed rate of interest on a loan means that the equated monthly instalments or EMIs are constant over the tenure of the loan. On the other hand, for floating interest rates, the EMIs fluctuate as per the market dynamics as interest rate increases or decreases.

2.      Fixed interest rates are always set higher than floating interest rates, by 1 to 2.5% at the time of the sanction of the loan. This can be both and advantage and a disadvantage. Since these rates remain constant you don’t have to worry if there is a hike in the housing loan interest rates due to the passing of a bill or implementation of a new rule, but at the same time if the rates see a dip, there is no benefit to you.

3.      Floating interest rates are usually lower than fixed interest rates although parameters like inflation and current account deficit are used in calculation of base rate by RBI which can mean an uncertainty and different EMI for each repayment or instalment for the loan. This can be difficult to keep track of as each instalment may be different.

These are the most basic things you should know about housing finance, there is much more to learn, but as they say, if you’re clear on your basics you should be able to make wise decisions about your finance.

Expand your home with a home expansion loan

Spaces can get cramped easily. We live in a materialistic work where we buy new things almost every week, with every trip to the mall. But new stuff requires new space and that is something we cannot afford. Taking housing loans for a new home is not always possible, as they are a long term commitment. There are a lot of reasons why you may need more space. Some of them are, family expansion, inviting parents or in-laws to live you, or just a lack of space. A two bedroom home may have been okay when your kids where toddlers, but when they become teenagers, they will need their own separate rooms and more space. At this time, instead of buying new property, you can simply expand your existing home.

Home finance has created a lot of tools to help you arrange for money for anything related to your home. You can get a home renovations loan in order to expand or redo your space. This loan can still be taken if you have any existing home loans. You can simply avail of this loan through a top-up. When you take this loan as a top up the interest for this loan gets added to your housing loan interest and this way you only have to pay a single EMI.

If you’re in need of a home expansion and are in the process of seeking a loan, then here’s a guide to help you apply.

1.  What can I do with the loan: A home renovation loan can be used for building additional structures on your existing property, like a new floor, a new garden or a garage and redoing the existing property?

2.  How to apply: If your home is under a co-ownership then you should have your loan co-signed by the other owner.

3.  What about the tenure: The tenure for a home renovation loan is very flexible. You can get loan from anywhere between 12 to 360 months.

4.  What documents do I need: Both you and your co-signee would have to give your documentation, including your KYC, salary slips, bank documents, your house agreement, and the expansion layout that you want to undertake, a No Objection Certificate (NOC) by the municipal/building/ housing board. Make sure all your plans are authorised by your local authority.

5.  What about EMIs: If you apply for this loan as a top-up for your home loans, then the EMI will be added to your existing interest rate and you will have to pay only one EMI.

Why you should get a Top-up Loan for you Home Renovations

Buying a new home is a big moment for anyone. But after living in a new home for a while, a new home can seem a little boring. You can always do it up with a little renovations, but to make any changes you need to spend money and that can be difficult when you’re already paying off home loans. To make it easy for you to keep your home as good as new, banks have introduced home renovation loans. 

A home renovation loan can be taken as a top-up to your house loans or can be taken by itself. When you take a home renovation loan as an add-on, the interest is added to your home loan interest rates. This way you don’t need to pay separate EMIs for two loans. This loan is great home finance tool, it can help you keep your home looking as good as new.

If you wish to avail a top-up loan for your home renovations here’s everything you have to know about it.

1.  Eligibility: Top-up loans can be availed only by someone who has an existing house loan. There are other preconditions too that you need to fulfill before you become eligible for such a loan. Here are some of the criteria that are taken into consideration.

•  Minimum period: You need to have started repayment of your housing loan and paid interest for a certain period before you are eligible for your home loan. This period may differ from bank to bank.

•  LTV limit: Loan-to-value (LTV) is the amount you’re allowed to borrow on your existing housing loan. The LTV ratio is fixed at 80-85% of the present value of your property. 

•  Tenure: The tenure of top-up loan runs concurrently with that of your home loan. So if you have 10 years remaining for your home loan repayment, your top-up loan tenure cannot exceed the remaining term. 

2.  Benefits: The first and foremost benefit of a top-up loan for home renovations is that you don’t need to manage multiple loans when you get a top-up. The top-up amount is simply added to your existing loan amount and the top-up loan interest rates are also paid through a single EMI. There are no restrictions on the usage of this amount. You can use it for whatever you want, however you want.

3.  Other uses: If after a few years of paying interest on you house loan you have a big expense coming that is related to your business or family, you can opt for a top-up home loan, instead of going for a personal loan.

Housing Loans: Refinance House Loans For Home Improvements

Your housing loans can help you get your dream home. You live there for a few years, while still repaying those loans but after a while your dream home isn’t all that your dreamt about. Dreams change, even dreams about you home can change. A house needs improvements at regular intervals, and renovations to keep it looking as good as new. While you’re still paying your housing loan interest, it can be difficult to fund a home renovation.   

An easy way to fund your home improvements is by opting for a home loan balance transfer. Housing loan interest rates are seeing fluctuations lately. This can be attributed to the demonetization drive. With the huge amounts of funds deposited into banks during demonetization in India, banks have reduced their home loan interest rites a great deal.

By opting for home loan balance transfer, you can save on your interest and those savings can be used by you to fund your home renovations. If you’re considering transferring your home loans then here a few things you should know.

1.      Savings is the main reason for transferring home loans. But make sure that you opt for a home loan balance transfer only if the total savings in interest pay-out is substantially higher than the cost incurred while transferring the loan. Usually, the new lender will charge various fees, such as conversion fee, processing fees and administrative charges during the loan transfer.

2.      Transferring your home loan to a new lender is similar to availing a fresh loan, where the new lender will have its own set of terms and conditions. You can use it to re-set your loan EMI and tenure and top up as well. Opt for a home loan transfer if your existing lender is not allowing you to reset the terms and conditions of your loan.

3.      Usually banks and NBFCs provide top up loans to existing borrowers. These are just like personal loans but their interest rates are lower than a separate personal loan. One may require a top up in case of funds required for an emergency or in case of a home loan for renovations. Transfer your loan only if your current provider is not allowing you a top or if the new provider is offering you a better rate.

Transferring your home loan and saving on your housing loan interest can save you the trouble of getting a personal loan.

4 Things That will help you Pay your Home Loan even During Financial Crisis

What happens if a borrower is unable to pay his/her home loan EMI? This is a question that arises in the mind of every home loan seeker, but they’re too afraid to know the answer. Getting a home loan is a big step in everyone’s life. But what if, due an unforeseeable circumstance you find yourself in the middle of a financial crisis and are unable to pay your home loan EMIs? Will you immediately be termed as a loan defaulter? The answer is no. The process of becoming a defaulter is a long one. If a borrower is unable to pay his or her home loan instalment once, due to an unforeseeable expense or a financial emergency, the bank will not immediately term him or her as a defaulter. If you miss one EMI the most a bank can do is send you a reminder mail regarding the same. The bank may also call the borrower to ask about when the payment will be made.

The trouble begins if a Home Loan borrower fails to pay his EMI three months in a row. The bank will send him/her, a number of reminder mails and finally a legal notice. This is when the borrower is termed as a loan defaulter. The term can severely affect one’s CIBIL score, making it difficult for them to borrow in the future. If the borrower fails to respond to all of these notices and calls and still fails to clear his/her dues, the bank will send an officer to their residence to affix a notice on their door or even print a notice in the newspaper. In three months after this, the bank will declare the property as a non-performing asset. In two months after that, the bank will take possession of the property and if the borrower fails to clear his dues in six months the bank will auction it off.

No one wants to be in this situation, but the future is a tricky thing and the only thing you can do to arm yourself for whatever it throws at you is to be prepared. Here’s how you should handle your Home Loan EMIs while going through a financial crisis.

1.  Get in touch with bank and inform them about your problems, they may be able to give you some leeway or at least wave off the late charges on your EMI.

2.   Re-negotiate your loan by increasing the tenure, so you can pay smaller EMIs.

3.  Get home loan insurance in advance, so you don’t need to worry about your loan repayment.  

4.  Spend wisely, keep track of all your expenses, avoid unnecessary expenses and save up to pay your EMIs.

Avail the benefits of the Pradhan Mantri Awaz Yojana

In a move to ensure that more and more people can fulfil their life-long dreams of owning a home, the Prime Minister of our country announced the Pradhan Mantri Awas Yojana, in the beginning of this year. This scheme is specially designed for the lower and middle income groups. This is an interest subsidy scheme that has been named as 'Credit Linked Subsidy Scheme for Middle Income Groups - CLSS (MIG)'. As per this new subsidy, middle-income groups with incomes in the eligible range will get a subsidy on their interest rate of three to four percent.
This scheme will ensure that more and more people are eligible for home loans and can fulfil their wishes of owning their own homes. Here’s what you need to know about this CLSS scheme and eligibility.

1. People whose incomes fall in the range of 6 lacs to 18 lacs are eligible for this subsidy under the CLSS.
2. People whose housing loans were approved and those whose home loan application was in review since 1^st January 2017 are eligible for this subsidy.
3. Peoples who have an annual income of 12 lacs are eligible for a subsidy of four percent on their home loan of up to 9 lacs. People who have an annual income of 18 lacs are eligible for a subsidy of three percent on a home loan of 12 lacs according to the Prime Ministers’ address on the eve of New Year.

Here are the income slabs for the CLSS eligibity under the Pradhan Mantri Awas Yojana.

1. People with an annual income of Rs.6 lacs and below can avail of loan of Rs.6 lacs at an interest of 6.5% for tenure of 20 years.
2. People with an annual income of Rs.12 lacs and below can avail of loan of Rs.9 lacs at an interest of 4% for tenure of 20 years.
3. People with an annual income of Rs.18lacs and below can avail of loan of Rs.12 lacs at an interest of 3% for tenure of 20 years.

Here’s how this scheme will affect home loan interest rates.

1. The interest subsidy of four per cent under CLSS (MIG) will bring down EMIs of borrowers by Rs. 2,062 per month and Rs. 2,019 per month on a housing loan of Rs 9 lakh and Rs. 12 lakh respectively.
2. The total interest subsidy accrued on these loan amounts will be paid to the borrowers up front in one go. This in turn will reduce the burden of EMI on the user.
3. The tenure of these loans has been specified as 20 years or as preferred by the borrower, whichever is lower.

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Fixed Interest Rates v/s Floating Interest Rates

Buying a new home can be a tedious process. You have to first select your dream home, put your finances in order, and then approach a bank or NBFC for a housing loan. If you’re lucky and your CIBIL score is good enough your loan can get sanctioned within days, but before that happens you need to agree upon an interest rate for your loan. Home loan interest rates are of two types, fixed rates and floating rates. Since home loan is usually a long term commitment, choosing between fixed and floating interest rates is usually a tough decision for most applicants.

Let us simplify this process for you, by explaining what both these interest rates actually mean and what they entail.

Banks and non banking financial companies offer both fixed and floating interest rates. Since interest rates are the most important aspect of any loan, getting it right is the key to repay without any financial stress or default over time.

Fixed rate of interest on a loan would mean that the equated monthly instalments or EMIs would remain constant over the tenure of the loan. On the other hand for floating interest rates, the EMIs would fluctuate as per the market dynamics as interest rate increases or decreases.

Fixed interest rates are always set higher than floating interest rates, by 1 to 2.5% at the time of the sanction of the loan. This is can be both and advantage and a disadvantage. Since these rates remain constant you don’t have to worry if there is a hike in the housing loan interest rates due to the passing of a bill or implementation of a new rule, but at the same time if the rates see a dip, there is no benefit to you.

Floating interest rates are usually lower than fixed interest rates although parameters like inflation and current account deficit are used in calculation of base rate by RBI which can mean an uncertainty and different EMI for each repayment or installment for the home loan. This can be difficult to keep track of as each installment may be different.

Both these rates have their own advantages and disadvantages.  Before choosing one, a borrower needs to do proper research as to which one best suits him. 

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Why Home Loan Application get Rejected

While preparing your home loan application you think about everything. You do your research; you check your credit score, the documents required for home loan. But do you think about why, despite doing all the necessary things, your loan application might still get rejected?

With the disposable income of the working class increasing day by day and property providing a great investment opportunity, the number of people applying for home loans is ever increasing. The A lot of times, despite being in a good credit space, having a good stable monthly income and doing everything else right, your home loan application may still get rejected. 

Here are a few uncommon reasons why that might happen:

1.    Builders today, have tie ups with banks. If the builder you’re seeking a property from, is not in a tie up with your bank or isn’t approved by your bank, your loan may get rejected. It’s a good idea to check with your builder about which banks he has got approvals from.

2.    A builder may figure in a bank's list of approved builders, but a specific project launched by him may not have been approved by the concerned bank. In addition, there are likely to be cases where particular phases of a project may not have bank approval. So before applying for your home loan it’s extremely important to check with your builder about all these approvals.

3.    In the case of resale property, if the buyer and seller mutually decide on a price for a property and the buyer seeks a loan, the bank or loan provider re-evaluate the price of the property and if the value is lower than the price decided by the buyer and seller, the loan stands a chance to be rejected.

4.   Defaulters are blacklisted along with their properties by banks and housing finance providers. If you happen to live in a house that has been blacklisted your application may be rejected.

5.      Your job stability is extremely important when you apply for a loan. Some banks even insist that you need to be employed with a concern for at least three years to be eligible for a loan.

Learn the many benefits of purchasing a property

Property investments are one of the most lucrative financial assets owned by an individual. It is also the largest or the major component of financial investment in one’s entire lifetime. If you have already purchased a home loan or am planning to invest in one, then read along these basic guidelines for a clear insight into property investments and house loans specifically.

Credit Score: Banks pull a substantial amount of finance when lending loan amount to the lender. Hence, it is important for the individual to own a good credit score to claim the loan without any hassle.

Mortgage Amount: Before applying for a home loan for a specific property is to look out for home loan eligibility by checking your eligibility using a home loan emi calculator. Understand your debt-to-income ratio. It is advised to have a debt-to-income ratio below the 50% mark to have your loan approved without any delay or disapproval.

Funding your dream home in the right way: If you intend to live at your home for 5 years or more then the safest and best considered bet is to apply for a 30-year fixed rate mortgage

Second Mortgage Options: A second mortgage lets you borrow against the value of your home. It is best advised to consult a financial advisor before taking any financial decision to help save finances in a smart way.

For those with low down payment finances: It’s possible to claim mortgage without the 10-20% down payment mark. Again, seek financial advice for your home loan and get familiar with these mortgage programs that lets you take mortgage on very little down payment

It's possible to get a mortgage without a 10%-20% down payment. Even today, people get a mortgage with no money down. There are a few legitimate programs allowing you to get a mortgage with very little down. Get acquainted with some of the safer mortgage programs out there.

Apart from these, it is advised to not quit your job and have a steady income. Make sure you have enough funds to pay your monthly basic expenditures and debts as you loan them. Pay your bills on time. Keep bank accounts in handy. Before applying for a home loan, compare different banking institutes and their terms and conditions levied while applying for a home loan to get better financial benefits. Make use of a home loan emi calculator to learn about your monthly EMI for the property you wish to buy.

Here’s how you need to use a Housing Loan Emi Calculator

As an individual, it is crucial to plan ahead of the future. Financial planning is one such major aspect to be considered while looking out for financial investments and expenses. If you intend to buy a home, looking for the right interest rates and EMI options is a must. Online policy comparers offer a quick and easy Home loan EMI Calculator that helps individual understand their eligibility before applying at any loan or finance institution.

Here’s our quick 6 step guide to attain financial security while carefully cross checking our quick and easy financial checklist stated below:

1. Monthly Expenses:

Having to buy a home in India calls for an extreme financial stretch considering the steady rise of properties in the region. As an individual, it is important to have a fixed amount saved for future financial deficits. One needs to take care of their monthly expenses by minimizing monthly household expenses by 25-40% the least when they apply for a house loan. Click here to know: How to apply for home loans in India.

2. Understanding the concept of loan amount:

Currently, banks offer 80% of property value as a loan amount. It is important to consider that the rest 20% of the property value relies on us individually. This amount cannot be raised through loan or debts. Most financial advisors suggest a contribution of 40% down payment from savings to reduce the financial burden. Stamp Duty and other registration costs accounts up to 5 - 10 % of total cost for house loans.

3. Existing loans and debts:

The liability of home loan is magnanimous compared to another kind of loan amount. Hence, it is advised to clear off all other existing debts and loans including personal loan, education loan, car loan (as applicable). This not only helps you take financial decisions better for your home loans but also improves your CIBIL Score. Check your eligibility stats with easy and quick online tools like home loan emi calculator to understand the risk factors associated with applying for a home loan.

4. A steady source of income:

Financial planning can go haywire if there is a constant absence of regular income. If you work for a sector hit by recession recently, it is best advised to postpone any kind of financial purchase that requires a steady job or job stability.

5. Financial Reserve:

In an unfortunate event, where you need to be able to cash in funds, it is best advised to have an emergency fund with minimum 6 months of household expense handy. These deposits can be lucrative for short term investments like Bank FDs, Mutual Funds and others of similar liking.

These 5 steps are the most basic yet effective ways to plan your finances wisely while carefully choosing the right house loan online. Remember to look out for housing loan EMI calculator prior to applying for the same.

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Home Loan Eligibility Criteria for Self Employed Applicant

Planning to buy a property? With several financial companies offering attractive home loan options, it is more convenient in realising your dreams to buy and own a property.

The home loan process has been made far simpler and accessible thanks to a number of provisions that are offered by most of these competent institutions. You can complete several formalities online without the hassle of wasting your time or spending extra money.

Even if you not well versed with the way this business works or are completely new to the process of home loans, internet makes it far easier and within your grasp to understand the nuances involved. The company websites provides an in-depth understanding of the services that are being provided. A feature called the home loan eligibility calculator will help you find out whether or not you are eligible to avail loan of a certain amount. It will calculate your EMI, give you an idea of tenure and basically several resources for you to complete your initial R&D. Other than this, you can find real reviews from people who have used services to so you get an idea whether or not to approach such company.

You can take help from financial advisors to understand the process and get assistance every step of the way.  Some of the eligibility criteria include your age, educational qualification, credit history, existing loans, and more. One of the important criteria is whether not you are a salaried or self-employed individual.

If you are a self-employed individual, the process may get a little tedious compared to salaried individuals. Some important things to keep in mind are these:

A detailed statement of the profit or loss you make needs to be submitted. This is one of the crucial steps.  In the case of a salaried candidate, bank statements are completely trusted which also makes the process far convenient.

IT verifications might prove to be stringent. The company may check your IT returns from the past two years or more. A good IT return will surely reflect and prove to be a good basis for approval.

The home loan eligibility may differ from one company to another. You need to be prepared for verifications and evaluations.

A good credit card score, a bigger bank balance will surely help you get the approval on a fast-track.  Make a thorough research, improve your credit score, try paying a higher down payment.